Marine Insurance

The course begins by looking at the nature of marine insurance and what is insurable interest for the purposes of a marine insurance contract. We take up for study the perils of the sea and what constitutes as perils of the sea.

In part one of Core Principles of Marine Insurance, we look at some of the core principles of marine insurance, that is uberrimae fidei, which is also referred to as the principle of utmost good faith and we also look at the changes made to the above principle under the Insurance Act 2015 which was then modified as the duty of fair presentation. In part two, we look at two of the key principles namely, warranties, the changes made to warranties under the Insurance Act 2015 and another principle which is called subrogation in marine insurance practice.

In General Average and Protection and Indemnity (P&I), we cover general averages and the role of P&I clubs in marine insurance practice. We look at P&I Clubs, pay to be paid system and the important role P&I clubs play in the shipping industry.

Finally, we identify the two major types of marine insurance policies in use, namely time policies and voyage policies. We focus on discussing time policies and how they are used in marine insurance practice and then we go on to look at voyage policies and valued and unvalued policies and how they are used in maritime practice.