NSA 2510 Marine Insurance
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 on of the worlds 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 insurance, insurance for potential legal liabilities and insurance against freight losses and war risks. The principal covers and conditions for H&M insurance, P&I insurance, TLO, freight and war insurance are covered. There will be an emphasis on 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
- Hull and Machinery Insurance
- P&I Insurance
- Loss of Hire insurance
- Insurance against total loss only
- Mortgagee interest insurance
- 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.
- Introduction to marine insurance, terms and abbreviations
- Insurance and reinsurance
- Mutual and commercial insurance
- 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 insurance
- Freight insurances
- War risk insurance
- Third party covers
- Clams handling and practical case work
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.
Higher Education Entrance Qualification.
It is recommended that students have prior knowledge from other courses in law, for example NSA 2511 International Maritime Law.
|Exam category||Weight||Invigilation||Duration||Support materials||Grouping||Comment exam|
Form of assessment:
Internal and external examiner
Examination when next scheduled course
|Form of assessment:||Written submission|
|Support materials:|| |
|Resit:||Examination when next scheduled course|
|Workload activity||Duration||Type of duration||Comment student effort|
|Other in classroom||9||Hour(s)||Participation at case work, excursions and reviews by lecturer|
|Prepare for teaching||60||Hour(s)|
|Group work / Assignments||20||Hour(s)||Work on practical cases handed out by lecturer, including assignment case|
|Self study||75||Hour(s)||Exam preparations|
|Workload activity:||Other in classroom|
|Comment:||Participation at case work, excursions and reviews by lecturer|
|Workload activity:||Prepare for teaching|
|Workload activity:||Group work / Assignments|
|Comment:||Work on practical cases handed out by lecturer, including assignment case|
|Workload activity:||Self study|
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.