MANAGEMENT OF MARINE INSURANCE

Background
Marine Cargo Insurance is truly international in character besides being the oldest form of insurance. It comprises of two major branches, the Marine Hull (Insurance of vessels plying in water) and Marine Cargon (Insurance of goods in transit by any mode).The English Marine Insurance Act 1906 and its Indian counterpart, the Indian Marine Insurance Act 1963 encompasses both Marine Hull and Marine Cargo Insurance. Hence it is imperative that a Marine Insurance practiotioner has the knowledge of both these branches of Marine Insurance. Special emphasis is needed because of the uniqueness of marine insurance, its underwriting, claims processing, loss control, risk management, reinsurance, and marine recoveries to ensure that the portfolio is profitable and remains healthy.

Objectives
• To equip participants in administration and development of Marine Insurance Portfolio.

• To familiarise them with underwriting procedures & practices of Marine Business.

• Better understanding of claims management

• Exposure to risk management and loss minimization programmes.

Contents
• International marine insurance scenario

• Marine Insurance Act, 1963 and its impact on Marine insurance transactions

• Other relevnt acts which has a bearing on Marine Insurance like Carriers Act. COGSA etc.

• Underwriting and coverages / Marine Insurance Clauses : Cargo and Hull

• Claims management procedures and practices Marine Cargo and Hull, including General Average Adjustment

• Importance of packaging in Marine Cargo Insurance

• Role of parties involved in a marine transaction like stevedores, clearing and forwarding agents etc.

• Hull Classification Societies, Issues relating to sundry hulls and major hulls

• Containerisation and bulk shipments and Multi - Modal Transport / Oversized Cargo

• Maritime Liabilities & P & I Insurance

• Maritime fraud

• Risk Management & Loss minimisation

• Understanding ports and port activities

• Roles of Marine Adjuster, Surveyor and Warranty Surveyor