The Marine Insurance Masterclass provides a comprehensive overview of marine insurance markets, products, and legal rules. The course delves into contract formation, broker responsibilities, insurable interest, indemnity principles, and coverage specifics. Participants will explore specialist insurance types, practical aspects of claiming, terms in policies, and gain insights through case studies.
Discounts
10% group discount is available for registering 3 or more participants from the same company.
What will you learn?
Some of the topics the course will cover:
- understanding of marine insurance markets and products
- overview of the legal framework for marine insurance, including the Marine Insurance Act 1906 and the changes implemented by the Insurance Act 2015
- insights into the formation of marine insurance contracts, including the role and responsibilities of brokers and professional standards
- insurable interest, the principle of indemnity, and the specifics of coverage
- specialist types of coverage such as P&I cover, hull & machinery, war and strike risks, kidnap and ransom insurance products, FD&D cover, loss of hire, and charterer’s liability cover
- practical training in claiming processes
- terms, conditions, warranties, exclusions, and perils not covered in marine insurance policies
- real-world application of knowledge through case studies.
Download Marine Insurance Masterclass Programme PDF
Why choose to participate?
This masterclass aims to give participants a practical understanding of the various types of marine insurance covers and their interplay with the commercial process. While marine insurance is touched upon in other BIMCO masterclasses, this course offers a concentrated focus. It examines insurance from both the shipowner and cargo owner viewpoints, highlighting how contractual relationships are shaped by the choices of the insurance buyers and sellers.
How will this course help your professional development?
This BIMCO masterclass provides participants with practical, in-depth knowledge, a multi-perspective understanding, and valuable networking opportunities:
- Comprehensive understanding: The masterclass provides a comprehensive understanding of marine insurance, covering various types of insurance cover available. You will gain in-depth knowledge of the subject matter, ensuring you are well-versed in the intricacies of marine insurance.
- Practical knowledge: The focus on practical understanding ensures that you gain real-world insights. You will learn how theoretical knowledge applies to practical situations, enabling you to make informed decisions.
- Interconnectedness: By exploring how different types of insurance cover interrelate and connect with the commercial process, you will will develop a holistic view of the marine insurance industry. Understanding these connections is crucial for professionals dealing with chartering and logistics.
- Perspective building: The masterclass examines marine insurance from both shipowner and cargo owner perspectives. This dual perspective equips you with a well-rounded view of the subject. Understanding the needs and challenges from different stakeholders' viewpoints enhances your problem-solving abilities.
- Influence on contracts: You will learn how the decisions and preferences of insurance buyers and sellers influence maritime contractual relationships. This knowledge is invaluable when drafting contracts within the maritime industry. It allows you to create agreements that align with the insurance aspects, reducing potential legal complications.
- Enhanced decision-making: Armed with a deep understanding of marine insurance and its impact on contracts, participants can make more informed and strategic decisions. Whether they are shipowners, cargo owners, insurers, or legal professionals, this knowledge enhances their ability to assess risks and devise effective strategies.
Course certification
Participants will be given an option of taking a final assessment (open-book test) at the end of the course, and Certificate of Achievement will be issued with a grade (pass, merit or distinction). Those not taking the assessment will receive a Certificate of Attendance.
Course materials
BIMCO issues electronic course files as an Adobe PDF file enabling you to make personal notes. All documentation and presentations will be in English. Course access details will be provided once the registration is completed.
Note
Lunch and coffee breaks are included in the course fee.
Accommodation and transportation are not included and must be arranged individually.
