Marine Cargo Insurance Management Course is designed for those who wish to gain a thorough understanding of the principles and practice of cargo insurance, from the perspective of insurers, shippers, forwarders, and other participants in the supply chain.
The course is structured to give a comprehensive overview of the operation of the market and to provide the skills and knowledge necessary for effective and efficient insurance of cargo. It covers all the major topics, such as the operation of the market and the basic principles of insurance, risk management, coverages, claims to handle, etc
The objectives of Cargo Insurance Management work shops are to provide:
1. A forum for discussion and sharing of information on cargo insurance management among practitioners;
2. A platform for the development and promulgation of good practices in cargo insurance management;
3. An opportunity for capacity building in cargo insurance management; and
4. A networking opportunity for cargo insurance management practitioners.
CONTENT
- What types of risks can be written in a standard marine cargo account?
- Overview of jewelers block, fine art, general specie, and pre-launch insurance
- What business is general marine cargo insurance protecting?
- How are goods carried?
- Introduction to legal and documentary elements of carriage of goods by sea, road, rail and air
- Overview of the main institute clauses and introduction to the specialist clauses and key international clauses
- What are the underwriting considerations for marine cargo insurance?
- Types of policy available
- Loss prevention and mitigation
- Recoveries
What types of risks can be written in a standard marine cargo account?
The risks that can be written in a standard marine cargo account are all risks of physical loss or damage to the cargo while it is in transit. This includes risks such as fire, explosion, sinking, capsizing, collision, and grounding of the vessel carrying the cargo, as well as risks of theft, pilferage, and other types of loss or damage.
Quick overview of jewelers block, fine art, general specie, and pre-launch insurance
Jewelers block insurance is a type of property insurance that specifically covers jewelry, watches, and other precious items. This type of insurance is important for jewelers and other professionals who deal in these items, as it can protect them from loss or damage.
Fine art insurance is a type of property insurance that specifically covers art, paintings, and other valuable pieces. This type of insurance is important for art collectors and others who deal in these items, as it can protect them from loss or damage.
General specie insurance is a type of property insurance that covers a wide range of items, including jewelry, art, and other valuables. This type of insurance is important for those who deal in a variety of different items, as it can protect them from loss or damage.
Pre-launch insurance is a type of insurance that is designed to protect a business from loss or damage before it even begins operations. This type of insurance is important for businesses that are starting up, as it can help to protect their investment.
What business is general marine cargo insurance protecting?
General marine cargo insurance protects businesses against the loss or damage of their goods while in transit. This includes items that are being transported by ship, plane, train, or truck.
How are goods carried in marine cargo?
Most goods are carried in marine cargo in containers. These are large metal boxes that can be loaded onto ships, trucks, and trains.
Introduction to legal and documentary elements of carriage of goods by sea, road, rail, and air in a marine cargo insurance policy.
There are many different types of marine cargo insurance policies, each with its own specific legal and documentary requirements. The most common type of policy is the Institute Cargo Clauses (ICC), which are a set of standard clauses used by most insurers. Other types of policies include the Baltic and International Maritime Council (BIMCO) clauses, the London Institute of Shipping Clauses (LISCs), and the American Institute of Marine Underwriters (AIMU) clauses. Each of these has different requirements in terms of the legal and documentary evidence required to support a claim.
The most important legal requirement for all marine cargo insurance policies is that the insured must have a valid Bill of Lading (B/L) for the goods being shipped. The B/L is a document that proves ownership of the goods and outlines the terms of the contract between the shipper and the carrier. It is also the document that is used to file a claim with the insurer in the event of loss or damage to the goods.
In addition to the B/L, most policies also require the insured to have a Certificate of Origin (C/O) for the goods being shipped. The C/O is a document that proves that the goods being shipped
An overview of the main institute clauses and introduction to the specialist clauses and key international clauses in a marine cargo insurance policy.
We will also look at the practical aspects of the policy and how to identify the important clauses and the relevant parties.
We will cover the following topics:
• The purpose of the policy
• Key clauses and parties
• Cover
• Exclusions
• Conditions
• Cancellation
• Jurisdiction
• Arbitration
• Transfer of rights
• Assignment
• Claims
• Loss payment
• Law
• Arbitration
• Dispute Resolution
• Documentation
• Bill of Lading
• Certificate of Insurance
• Cover Note
• Claim Form
• London Arbitration Clauses (LAC)
• London Institute Clauses (LIC)
• London Institute Wording (LIW)
• London Institute Exclusion Clauses (LIEX)
• American Institute Clauses (AIC)
• Institute Cargo Clauses A (ICC A)
• Institute Cargo Clauses B (ICC B)
• Institute Cargo Clauses C (ICC C)
• Institute Cargo Clauses 2009 (ICC 2009)
• Institute Cargo Clauses
What are the underwriting considerations for marine cargo insurance?
The underwriting considerations for marine cargo insurance include the type of cargo, the value of the cargo, the mode of transportation, the route of transportation, and the insurance company's appetite for risk.
Types of policies available for marine cargo insurance?
There are three types of marine cargo insurance policies:
1. All Risks
All Risks insurance is a type of marine cargo insurance that provides coverage for all risks of physical loss or damage to goods while in transit unless specifically excluded. All Risks coverage is broader than Standard Coverage, which only covers losses from specific perils listed in the policy.
There are a number of different types of risks that are typically covered by marine cargo insurance. These include:
• Loss or damage to the cargo while in transit
• Loss or damage to the cargo while it is being loaded or unloaded
• Loss or damage to the cargo while it is in storage
• Loss or damage to the cargo due to fire, explosion, or natural disasters
• Loss or damage to the cargo due to theft
2. Named Perils
A "named perils" policy for marine cargo insurance is a policy that covers losses from only the perils specifically named in the policy. All other perils are excluded.
3. Limited Coverage
This is a type of insurance that protects against loss or damage to goods during transport by sea. It typically covers the period from when the goods are loaded onto the vessel until they are unloaded at the destination.
Loss prevention and mitigation for marine cargo insurance
Theft is the most common cause of loss for marine cargo insurance, accounting for about 40 percent of all claims.
There are a number of ways to prevent and mitigate losses from theft:
- Use high-security locks, seals, and containers
- Increase security at loading and unloading docks
- Use GPS tracking devices
- Install security cameras
- Hire security guards
- Increase insurance coverage
Recoveries for marine cargo insurance
This type of insurance is designed to protect the insured against loss or damage to cargo while it is in transit by sea. The policy will cover the cost of repairing or replacing the damaged goods, as well as any lost revenue that results from the delay in delivery. In the event that the cargo is lost or stolen, the policy will pay out a sum that is agreed upon in advance.
Lectures, debates, group exercises, and illustrations are used in the training methodology. Participants will receive theoretical as well as practical understanding of the areas covered. The emphasis is on practical application of the themes, so participants will return to the workplace with the skill and confidence to apply the techniques taught to their jobs.
Quick summary of this blog
A comprehensive overview of the operation of the market and the skills necessary for effective and efficient insurance of cargo. The risks that can be written in a standard marine cargo account are all risks of physical loss or damage to the cargo while it is in transit. This includes risks such as fire, explosion, sinking, capsizing, collision, and grounding. Marine cargo insurance protects businesses against the loss or damage of their goods while in transit. This includes items that are being transported by ship, plane, train, or truck.
The most important legal requirement for all marine cargo insurance policies is a valid Bill of Lading (B/L). Underwriting considerations for marine cargo insurance include the type of cargo, the value of the cargo, and the route of transportation. A "named perils" policy covers losses from only the perils specifically named in the policy. All Risks insurance provides coverage for all risks of physical loss or damage to goods.
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