FAK 2638 Roles of Insurance Brokers – Marine, Energy, Reinsurance and Framework

FAK 2638 Roles of Insurance Brokers – Marine, Energy, Reinsurance and Framework

Course code: 
FAK 2638
Law and Governance
Course coordinator: 
Morten Lund
Course name in Norwegian: 
Forsikringsmeglerrollen – marin og energi, reassuranse og rammebetingelser
Product category: 
Executive - Course in Insurance
2022 Spring
Active status: 
Level of study: 
Teaching language: 
Course type: 
One semester

The course is an introduction to principal topics related to the insurance broker role within marine and energy insurance and reinsurance, including relevant legislation, regulations, standard-form contracts, etc. The focus of the course is on the insurance broker’s role as regards these types of insurance. The course is also an introduction to ethics and compliance related to the insurance broker’s role. The course is mandatory for persons seeking an insurance broker licence.

Learning outcomes - Knowledge

Students shall learn all aspects of the insurance broker’s role and tasks relating to marine and energy insurance and reinsurance, including the main principles of the legislation. They shall learn about the insurance broker’s role and obligations in relation to the others parties in the tripartite relationship (customer and insurance supplier).

Students shall also learn about the main regulations and principles for ethics and compliance for insurance brokers.

Learning outcomes - Skills

Students shall be able to assess and decide on concrete issues and problems that may crop up in the insurance assignment. They shall also be able to account for the role in detail in the various phases of the assignment, both in terms of the practical accomplishment of the assignment and the relevant regulations.

They shall be able to discuss concrete ethical dilemmas and compliance issues and to substantiate their viewpoints on the basis of regulations and principles.

General Competence

The students shall develop an awareness of the insurance broker’s role and responsibilities, both concerning customers and insurance suppliers and that their advice will have major consequences for all parties in the insurance assignment.

They shall be able to identify and assess ethical and other dilemmas that may arise in their role as insurance broker.

Course content

The course consists of three separate modules:

  • The insurance broker role relating to marine and energy insurance (approx. 50% of the course)
  • The insurance broker role relating to reinsurance (approx. 25% of the course)
  • External conditions relating to the insurance broker operations (approx. 25% of the course)


Marine and Energy

This module concerns insurance of traditional ships (including supply ships), mobile offshore units (MOU) and permanent offshore installations

Main topics:

  • Markets and market participants
  • Review of the insurance broker role in these markets
  • The insurance broker role in the various phases: (risk analysis and introductory sale; The tender and quota phase; The placement phase (syndication of risk); Documentation phase; Administration phase; Renewals.
  • Hull interest insurance
  • P & I insurance for traditional ships
  • Loss of hire insurance for traditional ships
  • MOU insurances (comprehensive, P & I and loss of hire)
  • Briefly on insurance of permanent offshore installations
  • War risk insurance for ships and MOU


  • What is reinsurance and what is the purpose of reinsurance?
  • Markets and market participants
  • Reinsurance solutions
  • The insurance broker’s role and tasks in the various phases

External conditions for insurance broker operations

  • Regulations and principles that an insurance broker is obliged to comply with and the systems that ensure compliance
  • Compliance and ethics
  • In-depth discussions on selected topics
Teaching and learning activities

In all BI Executive courses and programs, there is a mutual requirement for the student and the course responsible regarding the involvement of the student's experience in the planning and implementation of courses, modules and programmes. This means that the student has the right and duty to get involved with their own knowledge and practice relevance, through the active sharing of their relevant experience and knowledge.

Software tools
No specified computer-based tools are required.
Additional information

Students are required to have necessary knowledge of marine and energy insurance and of reinsurance. However, these insurance types will be briefly reviewed in the course, to explain the insurance broker’s role.


Higher Education Entrance Qualification

Exam category: 
Form of assessment: 
Written submission
Group/Individual (1 - 3)
72 Hour(s)
Exam code: 
FAK 26381
Grading scale: 
Examination when next scheduled course
Type of Assessment: 
Ordinary examination
Total weight: 
Student workload
28 Hour(s)
Group work / Assignments
148 Hour(s)
24 Hour(s)
Sum workload: 

A course of 1 ECTS credit corresponds to a workload of 26-30 hours. Therefore a course of 7,5 ECTS credit corresponds to a workload of at least 200 hours.