NSA 2510 Marine Insurance

NSA 2510 Marine Insurance

Course code: 
NSA 2510
Department: 
Law and Governance
Credits: 
7.5
Course coordinator: 
Morten Lund
Product category: 
Bachelor
Portfolio: 
BBA - Specialisation in Shipping
Semester: 
2020 Autumn
Active status: 
Active
Teaching language: 
English
Course type: 
One semester
Introduction

The course gives an introduction to international marine insurance, which is insurance for ships and ships operations. The insurance of Mobile Offshore Units (units employed in the Offshore Oil- and Gas industry) is also briefly discussed. The course covers the international insurance markets, the players in these markets and the insurance terms in the most important markets. The systems and terms for capital insurance (Hull insurance), liability insurance (P & I insurance), Loss og Hire insurance and War risk insurance will be discussed.

It is a particular emphasis on practical case work based on significant student participation.

Learning outcomes - Knowledge

During the course students shall aquire:

  • Insight the major markets for marine insurance, how these markets works, the participants in these markets and their roles 
  • Knowledge on structures and organisation of the insurance companies and the mutual insurance associations (clubs), the agreements between such clubs and the systems and markets for re-insurance.
  • Knowledge on risk assessement and premium calculations 
  • Insight on terms for insurance covers for the various types of marine insurances available in the market.
  • Understanding of  the importance of marine insurance as a part of the shipping industry.
Learning outcomes - Skills

Upon completion of the course the students should be able to:

  • Identify and assess the shipowners', charterers' and other third parties' insurable interests in the relevant vessel and their need for insurance cover.
  • Assess and reflect on the the financial impact for the shipowners when insuring their ships with an insurance company or a mutual insurance association.
  • Find, assess and apply available insurance covers, and to interpret and apply the covers and terms through solving practical cases involving casualties.
  • Assess and compare the covers and terms available in the different markets.
General Competence

By understanding the concept and framework of marine insurance in an international context, the students will be able to reflect on the need for and application of relevant insurance covers, and the risk management aspects of placing such insurances in the markets.

Course content
  • The markets for marine insurance and for r-insurance of marine risks.
  • An overview of the participants in the marine insurance markets (insurance companies and mutual insurance clubs, insurance brokers, shipowners and charterers, shipping banks, classification societies.) and their roles and functions.
  • The structure and organization of of insurance companies, of mutual insurance clubs and of Lloyds of London.
  • The Nordic and other markets' terms for Hull insurance, P & I insurance, Loss of Hire insurance and War Risk Insurance
  • Marine Insurance economics, including premium systems. The role of marine insurance in the shipping market.
  • Claims handling  
Teaching and learning activities

The course is delivered online apart from two on-campus sessions, one session will take part in Oslo (Campus BI) and one session in Copenhagen (Campus CBS). The on-line learning will consist of a variation of activiyies available through the learning platform, giving the students the opportunity to study at their own pace and time. As a part of the final exam, the students will need to work in virtual teams between the two campus sessions. The students are free to choose their own platform for this task. A considerable part of the online activities will be related to case discussions.

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

There will be Re-sit examination in NSA 25101 autumn 2020 and last time spring 2021.

Qualifications

The specialisation requires two years of university education in Business Administration or equivalent.

Required prerequisite knowledge

It is recommended that students have prior knowledge from other courses in law, for example NSA 2511 International Maritime Law.

Exam categoryWeightInvigilationDurationSupport materialsGroupingComment exam
Exam category:
Submission
Form of assessment:
Written submission
Exam code:
NSA25102
Grading scale:
ECTS
Grading rules:
Internal and external examiner
Resit:
Examination every semester
30No3 Week(s)Group/Individual (1 - 3)Group assignment
Exam category:
Submission
Form of assessment:
Written submission
Exam code:
NSA25103
Grading scale:
ECTS
Grading rules:
Internal and external examiner
Resit:
Examination every semester
70Yes3 Hour(s)
  • All printed and handwritten support materials
  • BI-approved exam calculator
  • Simple calculator
  • Bilingual dictionary
  • Monolingual dictionary, English-English
Individual Both exam elements must be passed to obtain final grade in the course.
Exams:
Exam category:Submission
Form of assessment:Written submission
Weight:30
Invigilation:No
Grouping (size):Group/Individual (1-3)
Support materials:
Duration:3 Week(s)
Comment:Group assignment
Exam code:NSA25102
Grading scale:ECTS
Resit:Examination every semester
Exam category:Submission
Form of assessment:Written submission
Weight:70
Invigilation:Yes
Grouping (size):Individual
Support materials:
  • All printed and handwritten support materials
  • BI-approved exam calculator
  • Simple calculator
  • Bilingual dictionary
  • Monolingual dictionary, English-English
Duration:3 Hour(s)
Comment:Both exam elements must be passed to obtain final grade in the course.
Exam code:NSA25103
Grading scale:ECTS
Resit:Examination every semester
Type of Assessment: 
Ordinary examination
Total weight: 
100
Student workload
ActivityDurationComment
Teaching on Campus
16 Hour(s)
Webinar
20 Hour(s)
Participation at case work, excursions and reviews by lecturer
Prepare for teaching
30 Hour(s)
Group work / Assignments
34 Hour(s)
Work on practical cases handed out by lecturer, including assignment case
Student's own work with learning resources
100 Hour(s)
Exam preparations
Sum workload: 
200

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.