NSA 2510 Marine Insurance
NSA 2510 Marine Insurance
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 of Hire insurance and War risk insurance will be discussed.
It is a particular emphasis on practical case work based on significant student participation.
During the course students shall acquire:
- 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 assessment 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.
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 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.
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.
- 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 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
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 activities 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.
Two years of college education in economics and business administration, marketing or equivalent is required for taking the course.
Covid-19
Due to the Covid-19 pandemic, there may be deviations in teaching and learning activities as well as exams, compared with what is described in this course description.
Teaching
Information about what is taught on campus and other digital forms will be presented with the lecture plan before the start of the course each semester.
It is recommended that students have prior knowledge from other courses in law, for example NSA 2511 International Maritime Law.
| Assessments |
|---|
Exam category: Submission Form of assessment: Written submission Weight: 30 Grouping: Group/Individual (1 - 3) 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 Invigilation Weight: 70 Grouping: Individual Support materials:
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 |
All exams must be passed to get a grade in this course.
| Activity | Duration | Comment |
|---|---|---|
Teaching | 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 |
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.