Marine Insurance Seminar

The Course presents all important aspects of marine insurance, through practical approach, case studies and workshops. Participants will get an in-depth overview of the main topics such as, the structure of the market, the Marine Insurance Act and its principles, the practices, i.e. procedures and documentation, assessment and application of premiums, etc., as well as the terms and conditions for the practical handling of claims and the general average concept.

THE MARINE INSURANCE MARKET

THE PRINCIPLES OF MARINE INSURANCE

– Marine Insurance Act, 1906 (England): role, functions & perils covered
– The concept of insurable interest and utmost good faith
– The practice of re-insurance
– How the rights and benefits under the contract can be assigned

– How insurable value is determined
– The Liability to the insurer both in respect of total & partial loss / apportionment
– How the insurer becomes entitled to the insured property (subrogation)
– Expressed and implied warranties, breach of warranty and when warranty may be exceeded, the implied warranty of seaworthiness of the ship
– Losses & proximate clause
– The perils excluded from the policy (in particular misconduct, delay & inherent vice)

THE PRACTICE OF MARINE INSURANCE

– Procedures and documentation
– Assessment & application of premiums
– Insurance brokers’ remuneration by commission
– Time & voyage policies
– Use of open cover
– The Institute (ILU) Clauses

CLAIMS

– Total loss (actual and constructive)
– Particular average vs. General Average
– Mitigation of loss (sues& labour)
– Salvage and salvage services’ remuneration
– Limitation of liability in the case of Third-Party claims against the insured.
– Professional indemnity insurance (errors & omissions): role and importance
– The impact of international pollution legislation on marine insurance and how pollution cover is provided

GENERAL AVERAGE

– The concept of General Average (GA)
– York-Antwerp Rules: role and function
– What is admissible in a GA settlement
– How GA contributions are covered under marine insurance policies

The Course will be delivered with physical presence through by 9 sessions. Once your registration is completed, you will receive an email with all the information and the link for the webinars.

The seminar is delivered in English.

George Margaritopoulos, Assosiate Director, Richards Hogg Lindley (RHL)

George Margaritopoulos is an Associate Director with Richards Hogg Lindley (RHL) Piraeus since 2015 and has also spent time working in RHL’s London office. He is qualified as a Fellow of the Association of Average Adjusters. He has previously worked as a spares and shipyards broker and as a chartering broker. He holds a bachelor’s degree in Industrial Management & Technology from the University of Piraeus and an MSc in Marine Policy from Cardiff University.