On successful completion of the course, students will have:
Introducing the essential features and peculiarities of the law of marine insurance, with particular emphasis on the Marine Insurance Act 1906 as well as an introduction into carriage of goods by sea. It provides a foundation for further in-depth studies of marine insurance which will be provided in later modules.
A broad overview of all main categories of insurance contracts in the maritime field is provided in this module. The shipping boom of the last decade caused concerns over the rising trend in insurance claims and now, although for different reasons, the concern is that the financial crisis will also have adverse effects on marine insurance.
This module will deal with the basic insurance cover for the maritime property of the ship owner and cargo owner as well as for protection against other economic risks, such as loss of earnings or loss of the vessel as security for financing purposes.
There are comprehensive explanations of the perils insured against, including collision liabilities, which are, by tradition, covered under the vessel’s Hull & Machinery insurance. Other (third party) liabilities will be covered in a subsequent module, but a brief introduction to Protection & Indemnity Clubs will be provided here
An overview and detailed introduction into the world of mutual liability insurance as provided by P&I Clubs. The system of mutual ‘Clubs’ has existed for nearly 300 years - initially with the Hull Clubs and, for the last 150 years, the Protection & Indemnity (P&I Clubs). This method of providing liability insurance to ship operators continues to dominate the market with over 90% of the world’s deep sea ships entered in one of 13 P&I Clubs of the International Group. This module will explain how the P&I Clubs came into existence and why they continue, fundamentally, to operate in very much the same way and provide similar cover as in those early days.
The concept of mutuality is key to the structure, success and functioning of the Club system and this concept will be studied in some detail to understand the foundations of the Clubs and how the system works in practice. A section of the module will also explore how P&I underwriting is structured and how the mutual system links into and relies upon commercial market cover by way of reinsurance facilities. The core of the module will
be an examination of the scope of liability cover provided by the Clubs, linking the cover provided with the liability regimes for the various categories.
Insurance is a way of transferring the economic consequences of a risk to another party, the insurer. Insurers in their turn further transfer andspread the risk to other insurers by reinsurance. In the current economic climate, the relationship between primary insurance and reinsurance will be more important than ever for all involved. The specialised area of reinsurance will be covered comprehensively in this module
The more practical procedures and implications related to filing a claim under a marine insurance policy are described. Claims handling is an issue for both the insured and the insurer regardless of whether the insurance relates to hull or machinery interests, cargo or shipowners’ liability
Qualification: Professional Postgraduate Diploma from World Maritime University. Administered by Lloyd’s Maritime Academy
Delivery: Part-time Tutored Distance Learning
Duration: 12 months
Approved by UK MoD for funding via the ELC Scheme (Provider 2035). See fees page for more information.
It is incredible how much one can still learn from this industry. This course provides just that and the best thing of all is that you get direct access to some of the biggest minds out there, their opinion and their insight! The course teaches a practicing surveyor good tips on marine casualty investigation. The contents are superb and the case studies are fantastic.
WMU is the global center of excellence for postgraduate maritime education, research and capacity building and it gives me enormous pleasure and pride to present this course. It is my hope that you will find this postgraduate programme relevant to your needs and I invite you to join this course as an investment well worth making. We have a commitment to the highest level of academic and professional standards.
We welcome companies placing individual students or groups on any of our publicly advertised distance learning courses, or for larger corporate groups we will deliver to your individual requirements, including instructor lead training, blended delivery solutions, customised assessments, flexible time-scales and dedicated support for learning and development managers.
This course has summed up the loose ends on many issues for me. It is very easily understandable, very organised and contains logical presentation. My thirst has been quenched!
Do not delay your application – you may qualify for an early enrolment discount, and some courses have a maximum number of participants. Our online application form securely accepts payment by credit card in either £, $ or €, or we will invoice you or your employer for payment by bank transfer.
This is a World Maritime University programme and qualification. The course is taught, assessed, quality assured and awarded by the World Maritime University. Enrolment and delivery is managed by Lloyd’s Maritime Academy