Lloyd’s and Marine Insurance Markets

Course Info

Length: 1 Week

Type: Online

Available Dates

Fees

  • July-29-2024

    2,550

  • Aug-12-2024

    2,550

  • Sep-09-2024

    2,550

  • Oct-21-2024

    2,550

  • Nov-11-2024

    2,550

  • Dec-09-2024

    2,550

Course Details

Course Outline

5 days course

Introduction to Insurance

 

  • Why individuals and organisations purchase Marine insurance
  • Marine Insurance needs of people and organisations
  • Assessing marine Insurance Risk
  • Identifying risk hazards
  • Interpreting Policy wordings
  • Handling Claims
  • Marine Industry regulation and compliance

Who Provides Marine (RA)Insurance?

 

  • Insurance companies
  • Reinsurance companies
  • Lloyd's of London
  • The role of insurance brokers and insurance agents
  • Protection and Indemnity Clubs (P & I Clubs)
  • Insurance and reinsurance pools

The Policy

  • Rules for construction of policy
  • What a policy must specify
  • Types of policies
  • Voyage policy on ship
  • Voyage policy on goods
  • Assignment of Policy

Institute Cargo Clauses

  • Institute Cargo Clauses (1982)
  • Institute Cargo Clauses (2009)
  • Institute time and Voyage Clauses Hulls (1983, 1995, 2003)
  • Unctad model Clauses on Marine Hull and Cargo Insurance (1984)
  • Other Examples of Standard Marine insurance Terms and Conditions.
  • Case Study

Protection and Indemnity Insurance (P & I) and Reinsurance 

  • History and scope of P&I cover
  • Club Cover
  • Club Structure 
  • Principles of Mutuality
  • Underwriting
  • Other services provided by P&I Clubs
  • Distinctive features differentiating Clubs from liability underwriters in the commercial markets 
  • Difference between reinsurance and co-insurance
  • Marine reinsurance contract
  • Forms of reinsurance

Course Video