Hull and P&I Underwriting
Unit 12 - AMIM 121 Program

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Course Overview

Hull and P&I Markets

A. The Blue-Water Market

B. The Brown-Water Market

Underwriting Blue-Water Vessels

A. Owner and Crew

1. Moral Hazard

2. Attitudinal Hazard

3. Quality of Crew

B. The Vessel

1. Type of Vessel

2. Size of Vessel

3. Vessel's Trade

C. Terms of Coverage

D. Loss History and Pricing

1. Self-Rating Approach

2. Modified Class-Rating Approach

3. Problem of Large Deductibles

E. Valuation of Vessels

1. Determining Market Value

2. Agreed Value Above Market Value

3. Agreed Value Below Market Value

4. Older Vessels

F. Port Risk Conditions

Underwriting Tugs and Barges

A. Waterways of the U.S.

  1. Mississippi River System
  2. Tennessee-Tombigbee Waterway
  3. Intracoastal Waterway
  4. Columbia-Snake River System
  5. Coastwise Trades

B.  Description of Tugs and Barges

  1. Towboats
  2. Tugs
  3. Barges

C. Tug and Barge Loss Exposures

  1. Crew Injury
  2. Collision and Tower's Liability
  3. Towing Contracts
  4. Machinery Damage
  5. Handling Damage
  6. Oceangoing Barges

D. Hull Endorsements for Tugs and Barges

  1. In Persona m Liability Clause
  2. Newly Acquired Vessels Extension
  3. Limited Machinery Coverage

E. P&I Forms for Tugs and Barges

1. Adding Collision and Tower's Liability

2. Coverage Towage Exclusion


Underwriting Miscellaneous Vessels

A. Excursion Vessels

1. Underwriting

2. Policy Provisions

B. Commercial Fishing Vessels

1. Hull Policy Provisions

2. P&I Coverage

C. Sport Fishing Vessels

D. Ferries

E. Dredges

1. Hull Coverage

2. P&I Coverage

F. Crew and Supply Vessels

G. Fireboats and Patrol Boats

H. Oil Spill Cleanup Vessels

I. Floating Drydocks

J. Operation of Floating Drydocks

K. Terms of Insurance

1. Geographical Limitation

2. Covered Perils

3. Liability Exposures


Underwriting Charterers' Liability Insurance