Description
Duration: 7 hours (Split between 2 days, each consisting of 3.5 hours)
Number of delegates: Maximum 15
This course introduces delegates to the basics of Hull insurance
What you will learn
Duration: 7 hours (Split between 2 days, each consisting of 3.5 hours)
Number of delegates: Maximum 15
Who would benefit?
Anyone who is new to hull insurance
Objective
To introduce delegates to the basics of Hull insurance
Pre-requisites
No experience necessary but some general knowledge of marine insurance would be helpful
Course Contents:
- What types of craft can be insured under a hull policy?
- Differences between shipowners and charterers
- What are the key points that underwriters will be considering in relation to each type of risk?
- Where are the main hull insurers?
- Link between hull and liability coverages (Protection and Indemnity insurance)
- Overview of the legal regimes that impact on the shipping business
- Builders’ risks insurance
- What types of claim commonly arise?
- Loss prevention
Course Outline
Day one
What types of craft can be insured under a hull policy?
- Cargo, passenger and specific task-based vessels
- Pleasure craft
- Terms used to describe size and type of vessels
- Blue/brown water vessels
Different construction materials, propulsion and fuel and what impact that has on the risk
Different parties involved in the operation of a vessel and why they night be involved
- Owners
- Managers (technical, commercial, crewing)
- Charterers (demise/bareboat, time and voyage
- Banks/mortgagees
What legal regimes impact the shipping business and have a relevance to hull (physical damage) risks
- SOLAS including ISM,ISPS
- How ISM and ISPS came to be introduced
- What they require
- Audit process - UNCLOS, including flag requirements
- What flag state is responsible for
- Different quality flags
- What flag of convenience means - Classification requirements
- What a class society is
- Review of the main class societies
- Role of IACS
- What surveys a vessel will have - Port state control process and information it can provide insurers
- Conventions such as loadline
- Why compliance with loadline is so important
What are the key points that underwriters should be considering in relation to each type of vessel, and why?
Day two
- Any questions from day one
- Where are the main hull insurers located? Is it a profitable class?
- Looking at IUMI data
- What losses can occur and are they the same for all types of vessel?
- What is the impact of construction, propulsion, fuel, trade, size, age, on losses?
- What else can lead to an increase in the cost of the claims?
- Closer look at some IUMI loss statistics
- What can be done to prevent or minimise losses?
- Closer look at work being done relating to container weights, container fires etc.
- Discussion about whether insurers should do more surveys themselves
- What is the basic coverage provided under a typical H & M policy?
- Comparing the All-risks German/Nordic format with the named perils in the English ITC-H form
- What is typically excluded and what can be bought back
- What is the link between hull and liability insurance(for example Protection and Indemnity insurance)?
- Some sharing of collision liability risks depending on wording used and client requirements
- Brief overview of Builders’ risks/Construction insurance
- Who the insured can be
- What is covered (physical damage and liability)?
- Policy period
- How it interfaces with hull insurance
Summary and questions from both sessions
01525 850086
Email