Marine Insurance and Claims

About the Course

Marine Insurance and Claims play a crucial role in the global shipping and maritime industry, offering protection against the myriad risks faced by vessels, cargo, and related interests during transit over the seas. This specialised field encompasses various aspects of risk management, underwriting, loss prevention, and claims handling, which are essential for ensuring the smooth and efficient operation of maritime trade. As the maritime industry evolves with technological advancements and changing regulations, professionals in the sector must stay abreast of the latest developments and best practices in marine insurance to manage risks and navigate complex claims processes effectively.

This comprehensive 5-day Marine Insurance and Claims training course is designed to equip delegates with in-depth knowledge and practical skills in marine insurance and claims management. It aims to provide a thorough understanding of the principles and practices of marine insurance, covering key areas such as underwriting, policy structure, risk assessment, and the legal and regulatory framework governing the industry. Delegates will learn about the intricacies of different types of marine insurance, including hull and machinery, cargo, and liability insurance, and gain insights into effective claims management strategies, from filing and adjusting claims to dispute resolution.

Delegates will develop the expertise needed to assess and mitigate risks, manage claims efficiently, and ensure compliance with relevant regulations. It will also explore into contemporary challenges in the marine insurance sector, such as environmental risks and the impact of global trade dynamics. They will be well-equipped to navigate the complexities of marine insurance and claims, enhance their professional capabilities, and contribute to the resilience and sustainability of their organisations in the face of evolving maritime risks.

Core Objectives

By the end of the training course, delegates will be able to:

• Identify and recall key terms, concepts, and definitions related to marine insurance and claims
• Explain the principles and practices of different types of marine insurance, including hull, machinery, and cargo insurance
• Utilise risk assessment techniques and tools to evaluate and manage maritime risks effectively
• Break down and interpret the structure and terms of marine insurance policies to understand their implications on coverage and claims
• Assess the impact of international regulations and conventions on marine insurance practices and claims management
• Develop comprehensive strategies for managing and mitigating losses
• Execute best practices in underwriting, loss prevention, and claims processing to enhance organisational resilience in the maritime industry

Training Approach

This training course combines interactive lectures with hands-on workshops, ensuring delegates engage with theoretical knowledge and practical applications. Delegates will actively participate in group discussions, simulations, and role-playing exercises to apply learned concepts in real-world scenarios. Additionally, it will provide personalised feedback and support to enhance understanding and skill development.

The Attendees

Delegates of this training course are professionals across various organisational roles and levels, seeking to deepen their understanding and mastery of navigating organisational politics and power dynamics. It brings diverse experiences and responsibilities, eager to acquire practical strategies to enhance leadership effectiveness and promote organisational success amidst complex interpersonal and structural challenges.

Likewise, it will be valuable to the professionals but not limited to the following:

• Marine Insurance Underwriters
• Claims Adjusters and Managers
• Maritime Lawyers
• Risk Managers in Shipping Companies
• Shipowners and Operators
• Maritime Surveyors
• Brokers and Agents in Marine Insurance
• Loss Prevention Specialists
• Compliance Officers in the Maritime Industry
• Marine Insurance Policy Administrators

Daily Discussion

DAY ONE: OVERVIEW OF MARINE INSURANCE

• Development of Marine Insurance Practices
• Types of Marine Insurance
  • Hull and Machinery Insurance
  • Cargo Insurance
• Key Players and Market Structure
• Underwriters and Brokers
• International Regulations and Conventions
• Policy Structure and Terms
• Risk Assessment in Marine Insurance
• Risk Management Strategies
• Marine Insurance Contracts: Contract Formation and Enforceability
• Legal Principles and Obligations

DAY  TWO: UNDERWRITING AND CLAIMS MANAGEMENT

• Underwriting Process: Risk Evaluation and Premium Calculation
• Role of Underwriters
• Claims Process in Marine Insurance
• Claims Adjustment and Settlement
  • Role of Adjusters
  • Methods of Settlement
• Strategies to Minimise Losses
• Role of Loss Prevention Surveys
• Fraud Detection and Prevention - Identifying Fraudulent Claims
• Reinsurance in Marine Insurance
• Purpose and Types of Reinsurance
• Impact on Claims Management
• Use of Digital Tools and Platforms in Claims Management 

DAY THREE: CARGO INSURANCE AND LIABILITIES

• Principles of Cargo Insurance – What is the Importance of Insuring Cargo?
• Open Cover vs Specific Policies
• Key Policy Terms
• Liabilities in Marine Cargo
• Incoterms and Cargo Insurance: The Role of Incoterms in Determining Liability
• Impact on Insurance Coverage
• Common Causes of Cargo Claims
• Claims Handling Process
• Concepts of Salvage Operations
• General Average Contributions
• International Conventions on Cargo Liability
  • Hague-Visby Rules
  • Hamburg Rules and Rotterdam Rules

DAY FOUR: HULL AND MACHINERY INSURANCE

• Principles of Hull and Machinery Insurance
• Hull and Machinery Policies: Time Policies vs Voyage Policies
• Special Considerations for War Risks
• Piracy Coverage and Claims
• Hull and Machinery Claims
• Damage Surveys and Inspections
  • Role of Marine Surveyors
  • Conducting Damage Assessments
• Maintenance and Warranty Clauses
• Loss of Hire Insurance – Coverage for Loss of Income
• Key Policy Terms and Claims Process

DAY FIVE: LEGAL AND REGULATORY ASPECTS

• Marine Insurance Law – The Key Legal Principles
• Understanding Maritime Liens
• Impact on Insurance Claims
• Dispute Resolution in Marine Insurance
• International Environmental Regulations and its Impact
• Compliance and Reporting Requirements
• Climate Change and Environmental Risks
• Ethical Practices in Underwriting and Claims
• Addressing Conflicts of Interest