understanding and insuring marine vessels

Understanding and Insuring Marine Vessels

TRAINING | March 2022

This 12-session course teaches you about shipbuilders’ and repairers’ risks. 

The content is helpful for beginners and intermediates, as the beginner will start to understand the basics of the maritime industry. At the same time, the intermediate will gain a useful refresher on some subjects and hopefully gain a better understanding of things that were not fully clear before.

The course uses pictorial slides and technical slides to make it more engaging and easier to understand. Similarly, the content and training style are adjusted for attendees who uses English as a second language.

This series covers:

Session 1
The attendees will be introduced to shipyards and shipbuilding. They will also be informed about the risks involved and how these are factored into the rate charged for insuring a ship which is to be built. 

Session 2
This session covers the different functions that tugs, barges, and offshore support vessels are capable of performing. It will also cover the unique risks for each vessel type that the underwriter must consider.

Session 3
An understanding of tankers, bulk carriers, container vessels, and large offshore working vessels is the focus of this session. It covers the work these vessels do, the unique risks connected to each vessel, and why they’re important to the underwriter.

Session 4
This session is a more technical approach to the rating for Hull & Machinery risks. Since there are no published rating guides for Hull & Machinery, key factors that contribute to the rate are explained and examples are presented to demonstrate how a rate is calculated.

Session 5
The attendees will be taken through the Institute Time Clause and given practical examples of how the clauses are applied to real life loss situations.

Session 6
This session looks at the various exposures presented by large and small passenger vessels then it moves on to the concept of General Average and how it operates. Then, it covers the Sue & Labor clause, Salvage Contracts, and how the Lloyd’s Open Form “No cure, No pay” concept works.

Session 7
The attendees will be introduced to dredgers and the high-tech and low-tech methods of dredging. Then, vessel classification and surveys will be discussed, highlighting why they are important, before learning about the issues arising from a “seaworthiness” warranty that is not worded carefully.

Session 8
The session looks at livestock carriers from the underwriter’s perspective. It also covers key technical points like the Insurance Act 2015, Broker’s slips, Law and Jurisdiction, Arbitration, the possible extent of liability under a marine hull policy, and the importance of understanding how an insurance policy operates in the eyes of the law. 

Session 9
This session covers the different types of fishing vessels and the different methods of fishing including long line and trawling. The subject of sustainability of the fishing industry, Log Carriers and the issues they present, and the importance of vessel maintenance will also be discussed.

Session 10
The attendees are introduced to coal carriers and cement carriers, as well as how these vessels operate and how the risks they present should be dealt with. The concept of Loss of Hire insurance will be explained, including how the excess period operates and the things to watch out for when rating the risk.

Session 11
This session looks at the risks associated with asphalt tankers, power barges, and lift boats. It also covers Disbursements and Increased Value insurance, Mortgagee’s Interest insurance, and the benefits these coverages offer to the ship owner and banks respectively.

Session 12
This closing session focuses on the offshore oil and gas business; specifically the drilling contractor’s equipment like the jackup rig, the semi-submersible rig, and the drillship. It will explain how each of the vessels operates and how they differ in their method, capability, cost, and mobility.

To enquire about this course, contact [email protected] 

To buy the videos of the training, visit www.insurance.com.my under “Other Publications”