NSA 2510 Marine Insurance


NSA 2510 Marine Insurance

Responsible for the course
Cathrine Bjune

Department of Accounting - Auditing and Law

According to study plan

ECTS Credits

Language of instruction

The course gives an introduction to international marine insurance, which is insurance for ships and ships operations. Both direct insurance and reinsurance is covered. Common l insurance terms are discussed, as well as the specific terms applicable to marine insurance covers. The course covers the marine insurance markets worldwide as well as common conditions and rules applicable to different covers, focusing on the worlds second largest insurance market, the Scandinavian market. The students will learn to identifythe Owners, Charterers and other third party interests in the vessel. The course focuses on capital insurances, insurances for potential legal liabilities and insurances against freight losses. War insurance covers will also be discussed, as well as the principal covers and conditions for H&M insurance, P&I insurance, TLO and freight insurances. Claims handling and the role of the broker wil be covered

Learning outcome
Acquired knowledge
The students will acquire an understanding of laws, rules and conditions applicable to international marine insurance, including:
  • Assessment of insurance needs for owners, charterers and third parties
  • The markets for marine insurance and reinsurance
  • Insurance terms
  • General rules applicable to insurance and reinsurance
  • The Norwegian Marine Insurance Plan
  • Institute Time Clauses
  • Hull and Machinery Insurance
  • P&I Insurance
  • Loss of Hire insurance
  • Insurances against total loss only
  • Mortgagee interest insurances

Acquired skills:
The students will be able to identify and assess the shipowners, charxterers and other third parties insurable interests in the relevant vessel. The students will be able to find and use available insurance covers, and to interpret and use them to solve practical cases. The students will also be able to assess different clauses and to distinguish between covers available in the different markets relating to different insurance covers.

By understanding the concept and framework of marine insurance in an international context, the students will be able to reflect on the need and application of the covers. By being able to compare the conditions of different markets, they will be able to reflect on the quality and price of available covers.


Compulsory reading
Falkanger, Thor, Hans Jacob Bull and Lasse Brautaset. 2011. Scandinavian maritime law : the Norwegian perspective. 3rd ed. Universitetsforlaget. Chapters 21 and 22. Tidligere utg. med tittel: Introduction to maritime law

Cathrine Bjune. 2010. Study guide in Marine Insurance. 200. Vil komme i ny utgave vår 2010
Cefor. Commentaries to the Marine Insurance Plan
Det Norske Veritas. 2010. Norwegian Marine Insurance Plan of 1996 : version 2010. Available from URL: http://www.norwegianplan.no/nor/index.htm

Recommended reading
Rhidian, Thomas, ed. 1996-2009. The Modern law of marine insurance. LLP. Trebindsverk

Selected articles

Handbook on P&I Insurance. GARD P&I club

Course outline
  • Introduction to marine insurance, terms and abbreviations
  • Insurance and reinsurance
  • Mutual and commercial insurances
  • The Norwegian Marine Insurance Plan
  • Insurable interests of shipowners, charterers and third parties
  • The marine insurance markets world wide
  • Direct insurance and reinsurance
  • The attachment, duration, alteration and termination of the insured risk (including change of voyage, deviation and delay)
    Warranties (express and implied)
    Conditions and other terms
  • Hull and Machinery Insurance
  • P&I
  • Total Loss only
  • Freight insurances
  • War risk insurance
  • Third party covers
  • Clams handling and practical case work

Computer-based tools

Learning process and workload
The course is conducted through a total of 45 hours of lectures, including case work in groups and discussions

The students must hand in a written group assignment during the course. Other cases presented by the lecturer should be completed before review in class. Students are expected to attend lectures and to bring the Norwegian Marine Insurance plan to class.

Recommended workload in hours
Participation at lectures
Participation at case work, excursions and reviews by lecturer
Preparation for lectures
Work on practical cases handed out by lecturer, including assignment case
Exam preparations
Total recommended time use

    A three-hour individual written examination concludes the course.

    Examination code(s)
    NSA 25101 - Written exam, counts 100% to obtain final grade in NSA 2510 Marine Insurance, 7.5 credits.

    Examination support materials
    All support materials allowed.
    Examination support materials at written examinations are explained under exam information in our web-based Student handbook. Please note use of calculator and dictionary. http://www.bi.edu/studenthandbook/examaids

    Re-sit examination
    At the next ordinary examination.

    Additional information