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AIM:
To ensure that students:
1) Understand the purpose of marine insurance, its principles and practice.
2) Are able to communicate intelligently with professional practitioners in the
marine insurance market.
THE MARINE INSURANCE MARKET
Lloyd's; insurance companies - UK and overseas; Lloyd's insurance brokers;
Protection and Indemnity associations; market associations.
THE PRINCIPLES OF MARINE INSURANCE
The Marine Insurance Act, 1906 - insurable interest; utmost good faith;
indemnity; subrogation.
Warranties; Proximate Cause; Statutory Exclusions; Excluded Perils.
THE PRACTICE OF MARINE INSURANCE
Effecting marine insurance; premiums; brokerage.
Time and voyage policies; open covers.
Policy terms and conditions - Institute clauses; hulls & freight (time &
voyage), cargo, war and strikes.
CLAIMS
Total loss-actual and constructive; particular average; deductibles, franchises and
excesses
Sue and labour charges; salvage and salvage charges.
Third party liability; collision liability, limitation of liability.
Professional indemnity; pollution.
GENERAL AVERAGE
General average; York-Antwerp rules; application to marine insurance.
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