Institute of Commercial Management | Qualification Subject

Marine Insurance

Main Topics of Study

History of Marine Insurance

  • Bottomry and respondentia
  • Origins of marine insurance in the UK
  • Early marine insurance in other countries
  • The phraseology of early policies
  • Lloyd’s form of policy
  • Formats used by other companies
  • Legislation relating to marine insurance
  • Developments since the Second World War

The Principles of Marine Insurance

  • Differences between faith and utmost good faith
  • What do we mean by ‘risk’?
  • The function of marine insurance
  • Rules of construction
  • Utmost good faith
  • Insurance intermediaries

The UK and International Marine Insurance

  • Lloyd’s insurers
  • Insurance brokers
  • The London market
  • Placing risk

Hull Insurance

  • Types of hull policy
  • Hull underwriting
  • Analysis of the Institute Time Clauses (Hulls) 1995
  • Institute Voyage Clauses

Cargo Insurance

  • What are Incoterms?
  • What may be insured as cargo?
  • Exclusions
  • Institute Trade Clauses
  • Institute Cargo Clauses: A, B and C

Protection and Indemnity (P&I) Clubs

  • Mutual insurance associations
  • The history of the clubs
  • The constitution of a club
  • Management of clubs
  • Termination of cover
  • Coverage granted by clubs
  • The International Group of P&I Clubs

Salvage and General Average

  • Salvage
  • General average
  • The York–Antwerp Rules 1994

Claims

  • Proximate cause
  • Included and excluded losses
  • Additional Perils Clauses
  • Fraudulent claims
  • Under-insurance
  • Cross-liabilities
  • Limitation of liability

Pollution

  • What is a convention?
  • TOVALOP
  • CRISTAL
  • International Tanker Owners Pollution Federation (ITOPF)
  • Pollution liability and legislation
  • Dumping at sea
  • Controlling and preventing pollution

War and Strikes Risk

  • The Waterborne Agreement
  • War exclusions
  • War risk insurance
  • Institute Strikes Clauses (Cargo)

Reinsurance

  • Privity of contract
  • Types of reinsurance
  • Methods of transacting reinsurance
  • An insurer’s retention
  • Solvency margins
  • War risks and reinsurance
  • Other forms of reinsurance

Example Candidate Response Booklet

Example Candidate Response (ECR) Booklets are a source of crucial information for Centres and Candidates as they use real candidate responses. We ask Senior Examiners to comment on five or more responses in terms of why the mark was awarded with commentary about how to improve the answer (if necessary).

Recommended Reading

Main Text:

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Reeds Marine Insurance, B. Jervis (MacMillan)

Indicative Text:

Alternative Text and Further Reading:

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Marine Insurance Vol 1 Principles and Basic Practice R.H.Brown ( Witherby )