APPLIES TO ACADEMIC YEAR 2013/2014
NSA 2510 Marine Insurance
Responsible for the course
Department of Accounting - Auditing and Law
According to study plan
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. The students will learn the basics of marine insurance as opposed to non marine insurance. Common 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 the conditions and rules applicable to different covers, focusing on the worlds second largest insurance market, the Scandinavian market. The students will learn to identify the Owners, Charterers and other third party insurable interests in the vessel. The course focuses on capital insurances, insurances for potential legal liabilities and insurances against freight losses and war risks. The principal covers and conditions for H&M insurance, P&I insurance, TLO, freight and war insurances are covered. Claims handling and the role of the broker wil be covered through practical case work
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 Nordic Marine Insurance Plan
- Institute Time Clauses Hull
- Hull and Machinery Insurance
- P&I Insurance
- Loss of Hire insurance
- Insurances against total loss only
- Mortgagee interest insurances
- War Insurance
- Basic underwriting principles
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 the covers through solving 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. They will upon completing the course understand the markets and needs for marine insurance covers, and the legal and contractual requirements for such.
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. By being able to compare the conditions of different markets, they will be able to reflect on the quality and price of available covers as well as the need for marine insurance covers. Through attending the course, the students will be able to reflect on and understand the differenes between marine insurance and non marine insurance.
It is recommended that students have prior knowledge from other courses in law, for example NSA 2511 International Maritime Law.
Falkanger, Thor, Hans Jacob Bull, Lasse Brautaset. 2011. Scandinavian maritime law : the Norwegian perspective. 3rd ed. Universitetsforlaget. Chapters 20, 21 and 22
Wilhelmsen, Trine-Lise, Hans Jacob Bull. 2007. Handbook in hull insurance. Gyldendal akademisk. 1,3,4,5,6,7,9,10,11,13,14. The above chapters are recommended reading in addition to the Commentary to the Nordic Marine Insurance Plan 2013
Cathrine Bjune. 2010. Study guide in Marine Insurance. 200. A new edition will be published in fall 2013
Cefor. 2013. Commentaries to the Nordic Marine Insurance Plan. There will be an updated commentary to the new Nordic marine Insurance Plan published early 2013 by CEFOR
Det Norske Veritas. 2013. The Nordic Marine Insurance Plan of 1996 : version 2013. Available from URL: http://www.norwegianplan.no/nor/index.htm. The new Nordic Marine Insurance Plan will be published early 2013
Institute Time Clauses Hull 1983. The English cover for Hull insurance - for reference
Skuld P&I Club`s statutes and rules. The rules for P&I insurance. 2013
Handbook on P&I Insurance. GARD P&I club
- 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
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
- Total Loss only insurances
- Freight insurances
- War risk insurance
- Third party covers
- Clams handling and practical case work
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
|Total recommended time use
A three-hour individual written examination concludes the course.
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
At the next ordinary examination.