Course description
The course is designed to provide an understanding of the operation of Lloyd's within the Global Insurance Market. The course includes a brief history of Lloyd's up to the present day and the important roe it plays.
This programme will provide delegates with a foundation level of insurance and the various organisations which are part of the Lloyd’s insurance market.
Upcoming start dates
Outcome / Qualification etc.
- Gaining a comprehensive understanding of marine insurance
- provide you with the confidence to deal with the claims situations faced in the maritime industry
- insurance as a risk transfer mechanism
- the nature of risks which can and cannot be insured
- types of risks which are insured by Lloyd’s of London
- classes/lines of insurance transacted by Lloyd’s of London
- why Lloyd’s of London is an international insurance marketplace
- the role of the LMA as a voice for the marketplace
- the organisation of Lloyd’s and the differences between a Lloyd’s syndicate and a managing agent
- how an insurance programme is set up for a major buyer of insurance including the subscription system
- the arrangement/placing of risks into the Lloyd’s market
- regulation of the Lloyd’s insurance market
- why insurers buy reinsurance and an overview of reinsurance.
Training Course Content
Introduction to Insurance
- Why individuals and organisations purchase Marine insurance
- Marine Insurance needs of people and organisations
- Assessing marine Insurance Risk
- Identifying risk hazards
- Interpreting Policy wordings
- Handling Claims
- Marine Industry regulation and compliance
Who Provides Marine (RA)Insurance?
- Insurance companies
- Reinsurance companies
- Lloyd's of London
- The role of insurance brokers and insurance agents
- Protection and Indemnity Clubs (P & I Clubs)
- Insurance and reinsurance pools
The Policy
- Rules for construction of policy
- What a policy must specify
- Types of policies
- Voyage policy on ship
- Voyage policy on goods
- Assignment of Policy
Institute Cargo Clauses
- Institute Cargo Clauses (1982)
- Institute Cargo Clauses (2009)
- Institute time and Voyage Clauses Hulls (1983, 1995, 2003)
- Unctad model Clauses on Marine Hull and Cargo Insurance (1984)
- Other Examples of Standard Marine insurance Terms and Conditions.
- Case Study
Protection and Indemnity Insurance (P & I) and Reinsurance
- History and scope of P&I cover
- Club Cover
- Club Structure
- Principles of Mutuality
- Underwriting
- Other services provided by P&I Clubs
- Distinctive features differentiating Clubs from liability underwriters in the commercial markets
- Difference between reinsurance and co-insurance
- Marine reinsurance contract
- Forms of reinsurance
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London Maritime Academy
London Maritime Academy provides a wide range of maritime training courses tailored to the global industry. Located in London and known for international standards, we offer diverse Classroom and Online courses taught by highly experienced experts in the maritime sector....