Marine insurance masterclass

Masterclass 18 November 2019 - 19 November 2019
BIMCO members EUR 925.00
non-members EUR 1,250.00
Group discounts available
Radisson Blu Park Hotel, Athens
10 Alexandras Avenue, 106 82 Athens, Greece +30 210 8894 500

Programme and links

BIMCO Marine insurance masterclass 

Marine insurance is one of the oldest types of protection against future losses and dates back as far as the Roman Empire with both ships and their cargoes covered by an insurance market in which the principles of risk were well understood. In its modern form, the Lloyd’s market has served as a forum for shipowners and merchants to meet and “underwrite” their signatures at the bottom of an insurance policy to cover a possible loss. Over the past century, marine insurance has become very sophisticated, but the principles remain: with underwriters taking a portion of the risk involved, so that the whole risk is spread between many parties. Premiums will depend on the underwriter’s judgement of the risk, but also the strength of weakness of the market – the competition, and the insurance products available.

A shipowner will normally require an underwriter to insure the value of the hull and machinery and in unstable times, special insurances such as war risk or kidnap and ransom insurance. Separate insurance will be negotiated for the cargo. For all the other risks that may be faced during the voyage – damage to docks and fixed objects, collision liability, crew liabilities, strikes and their consequences and even the cost of wreck removal if the ship is lost, the owner will arrange this with a Protection and Indemnity Association - a group of owners agreeing to share their losses on a mutual basis. Once again this is having the effect of spreading the losses over several owners, and minimising their effects upon each party.

Purpose of the BIMCO masterclass

The issue of marine insurance is covered broadly in several other BIMCO masterclasses in relation to the special topics discussed. The purpose of this masterclass is to provide the participants with a practical understanding of the types of insurance cover available and how they interrelate and connect with the commercial process. The course will look at insurance from both shipowner and cargo owner perspectives and how the contractual relationships are influenced by the decisions and preferences of the insurance buyer and seller.

Topics covered

  • insurance markets, products and legal rules
  • formation of marine insurance contracts
  • insurable interest, principle of indemnity and coverage
  • pre-contractual duty of utmost good faith
  • terms in marine insurance policies
  • specialist types of cover and types of risks
  • claiming under the policy
  • case studies, and much more.

Participants' profile

This course will be of value to shipowners and charterers, cargo owners and traders and freight forwarders who wish to increase their understanding of the marine insurance market.

Content and delivery

We know that highly realistic and relevant case studies, mixed with lectures, facilitate the learning process. As in life, there is rarely one fixed answer to a situation and the discussions between the groups and trainers form an important part of the learning objectives. We have therefore included two comprehensive cast studies in the programme.

Assessment

All participants are encouraged to take a 60-minute open-book assessment at the end of the masterclass. The participants are permitted to refer to any material that they wish to consult while carrying out the assessment, which takes place online in a formal examination setting. The purpose of the assessment is to ensure that the participants use the new information at their disposal to solve problems in a practical way. The assessment will be graded according to the results and lead to the issuing of a BIMCO certificate of either “Distinction”, "Merit”, “Passed” or “Attended”. 

Discounts

Group Discounts

10% group discount is available for registering 3 or more participants from the same company. Group discounts cannot be combined with early bird discounts.

Baris Soyer

Professor Soyer is the Director of the Institute of International Shipping and Trade Law at Swansea University (www.swansea.ac.uk/law/istl). He is a member of the British Maritime Law Association and British Insurance Law Association. He is the author of Warranties in Marine Insurance published by Cavendish Publishing (2001), Marine Insurance Fraud published by Informa Publishing and of an extensive list of journal articles published in elite journals such as Lloyd’s Maritime and Commercial Law Quarterly, Journal of Business Law, Cambridge Law Journal, Edinburgh Law Review, Law Quarterly Review, Torts Law Journal and Journal of... Read more

Peter Grube

Peter Grube is Head of Training: Courses and joined BIMCO in 1990. His first position was in the Support & Advice team, where he assisted BIMCO members with a wide range of commercial issues. In 2000 he was appointed Marketing & Sales Director of BIMCO, responsible for promoting and driving forward BIMCO’s global position as a leading maritime organisation. In 2005 he transferred to BIMCO Training, developing, coordinating and delivering BIMCO courses and seminars world-wide. Prior to joining BIMCO he worked in ship ownership in Copenhagen as well ... Read more

HOW TO SIGN UP

BIMCO only accepts sign up online. During the sign up process, you are able to sign up yourself and on behalf of colleagues. One invoice will be produced for all participants. Discounts will be calculated automatically during the sign up process based on your selections.

Reserve a single or multiple (unnamed) seats

If you would like to reserve and purchase a single or multiple seats on a training course, but do not currently know the names of the participants, then please send a request to training@bimco.org. You will receive a login to the website and will be able to add the name/s and contact details of the participants once the invoice has been generated.

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Peter Grube

Peter Grube, Head of Training

Why Choose BIMCO?

BIMCO Training brings you world class training programmes and industry experts, either online or on-site, to guide you through some of the most important shipping topics where BIMCO has over 110 years’ experience and trust.

Customised  training

Usually 2-3 days on-site training customised to a specific or range of topics to meet your organisation’s needs.

Ways To Study

BIMCO provides a versatile mix of learning options giving you the opportunity to cover topics via face-to-face training at one of BIMCO’s global shipping hubs or through customised training to meet your company’s specific needs.