Introduction to Hull Insurance (Full Day)

Course Introduction

This live on-line interactive insurance webinar is designed to introduce delegates to the ship and crafts that can be insured under a hull policy, the different parties involved in the operation of a vessel, key underwriting considerations and the hull insurance landscape. The course also introduces delegates to P&I (including collision liability), the legal regimes that impact the shipping business, loss prevention and some of the common issues that arise in the event of a loss. The course concludes with a look at Builders Risks/Construction Insurance.

Note: This webinar is split into 2 days with a 3 hour session on each day.

Who should attend?

Anyone who is new to hull insurance

Pre-requisites

No experience necessary but some general knowledge of marine insurance would be helpful

Course Contents

• What types of craft can be insured under a hull policy?
• Differences between shipowners and charterers
• What are the key points that underwriters will be considering in relation to each type of risk?
• Where are the main hull insurers?
• Link between hull and liability coverages (Protection and Indemnity insurance)
• Overview of the legal regimes that impact on the shipping business
• Builders’ risks insurance
• What types of claim commonly arise?
• Loss prevention

Course Outline

• Day 1
  • What types of craft can be insured under a hull policy?
    • Cargo, passenger and specific task-based vessels
    • Pleasure craft
    • Terms used to describe size and type of vessels
    • Blue/brown water vessels
  • Different construction materials, propulsion and fuel and what impact that has on the risk
  • Different parties involved in the operation of a vessel and why they night be involved
    • Owners
    • Managers (technical, commercial, crewing)
    • Charterers (demise/bareboat, time and voyage
    • Banks/mortgagees
  • What legal regimes impact the shipping business and have a relevance to hull (physical damage) risks
    • SOLAS including ISM,ISPS
      • How ISM and ISPS came to be introduced
      • What they require
      • Audit process
    • UNCLOS, including flag requirements
      • What flag state is responsible for
      • Different quality flags
      • What flag of convenience means
    • Classification requirements
      • What a class society is
      • Review of the main class societies
      • Role of IACS
      • What surveys a vessel will have
  • Port state control process and information it can provide insurers
  • Conventions such as loadline
    • Why compliance with loadline is so important
  • What are the key points that underwriters should be considering in relation to each type of vessel, and why?

• Day two
  • Any questions from day one
  • Where are the main hull insurers located? Is it a profitable class?
    • Looking at IUMI data
  • What losses can occur and are they the same for all types of vessel?
    • What is the impact of construction, propulsion, fuel, trade, size, age, on losses?
    • What else can lead to an increase in the cost of the claims?
    • Closer look at some IUMI loss statistics
  • What can be done to prevent or minimise losses
    • Closer look at work being done relating to container weights, container fires etc.
    • Discussion about whether insurers should do more surveys themselves
  • What is the basic coverage provided under a typical H & M policy?
    • Comparing the All-risks German/Nordic format with the named perils in the English ITC-H form
    • What is typically excluded and what can be bought back
  • What is the link between hull and liability insurance(for example Protection and Indemnity insurance)?
    • Some sharing of collision liability risks depending on wording used and client requirements
  • Brief overview of Builders’ risks/Construction insurance
    • Who the insured can be
    • What is covered (physical damage and liability)?
    • Policy period
    • How it interfaces with hull Insurance
  • Summary and questions from both sessions