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Led by Edward Lloyd Simulacrum
The marine insurance specialism of the maritime series, following the coverage of the Institute of Chartered Shipbrokers' Marine Insurance syllabus. Ten modules cover the oldest branch of insurance — the market and P&I, third-party cover, the principles and the Marine Insurance Act 1906, warranties and the Insurance Act 2015, the practice and the Institute Clauses, total loss and particular average, liability and salvage and pollution claims, claims management, and general average. Led by the Edward Lloyd Simulacrum, in whose coffee house the market was born, with the principles-of-law modules taught by Lord Mansfield.
Led by Edward Lloyd Simulacrum
The question
The marine market was born in Edward Lloyd's coffee house — so how is it organised today, and what does it cover? Taught by Edward Lloyd himself, this module covers the market: the reasons for marine insurance in shipping; the division of the market among Lloyd's, the insurance companies, and the P&I associations and their structures; the concept of mutuality in P&I; the role of the insurance broker; and the classes of risk (hull and machinery, freight and hire, war risk, cargo liability, employee liability) and the role of professional indemnity (errors and omissions) cover.
Outcome
You can identify the part of the market and the class of cover that would meet a given shipping risk. (Shipowners, operators and managers — the market)
Sub-units
Led by Edward Lloyd Simulacrum
The question
Beyond his own ship and cargo, the owner must cover his liabilities to others — so what does P&I answer, and what cover protects the professionals? Taught by Edward Lloyd, this module covers third-party cover: Protection & Indemnity cover and the third-party liabilities it answers (collision, damage to other property, death and personal injury, pollution liability); the risks and cover available to professional service providers (surveyors, brokers, contractual carriers, freight forwarders); and the role of the International Underwriting Association (IUA) and Braemar (incorporating the Salvage Association).
Outcome
You can identify the P&I or professional cover that answers a third-party liability and the bodies involved. (Third party cover for transport operators)
Sub-units
Led by Lord Mansfield Simulacrum
The question
What pillars hold up the contract of insurance — insurable interest, utmost good faith, subrogation? Taught by Lord Mansfield, who laid down many of these principles, this module covers the foundations: the role and function of the Marine Insurance Act 1906 and the perils it covers; the concepts of insurable interest and utmost good faith; reinsurance and the assignment of rights and benefits; how insurable value is determined and the extent of the insurer's liability for total and partial loss and apportionment; and the principle of subrogation.
Outcome
You can identify the governing principle of the Marine Insurance Act 1906 and its consequence in an insurance situation. (Principles of marine insurance — the foundations)
Sub-units
Led by Lord Mansfield Simulacrum
The question
A broken warranty could once discharge the insurer entirely — so how does the old law work, and how did the Insurance Act 2015 reform it? Taught by Lord Mansfield, this module covers warranties and reform: the distinction between express and implied warranties, the effect of breach, and when a warranty may be excused or exceeded; the implied warranty of seaworthiness; the changes brought by the Insurance Act 2015; and the importance of the proximate cause and the principal exclusions (misconduct, delay, inherent vice).
Outcome
You can reason about warranty, seaworthiness, proximate cause, and exclusion under both the old law and the Insurance Act 2015. (Principles of marine insurance — warranties and reform)
Sub-units
Led by Edward Lloyd Simulacrum
The question
How is the business actually done — the placing, the premium, the kinds of policy? Taught by Edward Lloyd, this module covers the practice: the procedures and documentation involved in effecting marine insurance; how premiums are assessed and applied and how brokers are remunerated by commission; the difference between time and voyage policies and the use of open cover; and merger and ademption of loss following a notice of abandonment.
Outcome
You can reason about the procedure, the policy type, and the placing and premium involved in an insurance requirement. (Practice of marine insurance — procedures and policies)
Sub-units
Led by Edward Lloyd Simulacrum
The question
A marine policy is built from standard clauses refined over generations — so do you know the Institute Clauses, and the graduated A, B, C cargo covers? Taught by Edward Lloyd, this module covers the clauses: the Institute Time Clauses Hulls (and Total Loss Only), the War and Strikes Clauses Hulls, the Navigation Limits (old Institute Warranties), the Time Clauses Freight, and the P&I Clauses Time; and the Institute Cargo Clauses (A), (B), and (C) and their graduated cover, the Malicious Damage Clause, the War and Strike Clauses (Cargo), and the Classification Clause.
Outcome
You can identify the appropriate Institute Clauses for a risk and the cover they provide. (Practice of marine insurance — the Institute Clauses)
Sub-units
Led by Edward Lloyd Simulacrum
The question
When loss strikes, its kind decides the claim — so do you know actual from constructive total loss, and particular average from general average? Taught by Edward Lloyd, this module covers the kinds of loss: the concept of total loss, both actual and constructive (and the role of notice of abandonment); the definition of particular average and its clear distinction from general average; the difference between particular average and particular charges; and the insured's responsibility to mitigate the loss (sue and labour).
Outcome
You can classify a loss (actual or constructive total loss, particular average) and identify the sue-and-labour duty and the particular charges. (Claims — total loss and particular average)
Sub-units
Led by Edward Lloyd Simulacrum
The question
Beyond loss of ship and cargo lie the claims of others, the rewards owed to salvors, and the burden of pollution — so how does insurance answer them? Taught by Edward Lloyd, this module covers liability, salvage, and pollution: the principle of salvage and how salvage services are remunerated; the different ways in which liability may be limited in third-party claims against the insured; and the impact of international pollution legislation on marine insurance and how pollution cover is provided.
Outcome
You can reason about the cover, the limitation, and the remuneration involved in a liability, salvage, or pollution claim. (Claims — liability, salvage, and pollution)
Sub-units
Led by Edward Lloyd Simulacrum
The question
A claim is settled by evidence and adjustment, not assertion — so what do surveyors and adjusters do, and how does E&O cover differ from PI? Taught by Edward Lloyd, this module covers claims management: the difference between errors-and-omissions cover and professional-indemnity (PI) cover; the role of surveyors in claim management and the collection of evidence; and the role of average and loss adjusters in apportioning and quantifying a loss.
Outcome
You can reason about the cover involved in a claim, the evidence the surveyor must gather, and the adjuster's role. (Claims — claim management)
Sub-units
Led by Edward Lloyd Simulacrum
The question
When part of a venture is sacrificed for the safety of all, the loss is shared among every interest saved — so how do the York-Antwerp Rules govern it, and how is it insured? Taught by Edward Lloyd, this module covers general average: the concept of general average and its important role within the marine adventure; the role and function of the York-Antwerp Rules and the differences between the 1994 and 2016 editions; what is admissible in a general-average settlement; and how general-average contributions are covered under marine insurance policies.
Outcome
You can reason about a general-average act's admissibility, the rules governing the adjustment, and how the contribution is insured. (General average)
Sub-units