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American Institute of Marine Underwriters |
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American Institute of Marine Underwriters |
Introduction to Hull Insurance (2 days) |
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REGISTER HERE - Remote and in-person attendance available (limit of 20 people in class) About the AIMU Virtual Classroom Overview: This course will review the forms and clauses used to insure hull and machinery damage coverage for blue and brown water vessels. Students will study the insuring agreements, conditions, exclusions, limitations and special features of the forms. Underwriting and claims principles and practices will be discussed. Learn about surveyors and the different types of surveyors that can be assigned and utilized to improve the risk and/or assist in the claims process. Who Should Attend: Insurance company underwriters, trainees, claims personnel, surveyors, agents or brokers, shipowners, charterers and maritime attorneys. Instructors: Continuing Education Credits: COURSE OUTLINE 1. Major Hull Clauses - Brief Discussion Compare / Contrast a. Blue Water - American Institute Hull Clauses (AIHC) 1977 - ITC London 2002 - Norwegian Plan b. Brown Water - AHIC - Taylor Form - Tug Form c. Claims - GA vs. PA - Unrepaired Damage d. General Average & Salvage - Duties under form - Salvage vs. Wreck Removal - Additional Limit 2. AIHC Discussion of Clauses a. Assured b. Loss payee c. Subject matter d. Duration, Agreed Value, Amount e. Deductible, Premium, Returns f. Adventure - Breaches g. Perils - Named Perils h. Additional Perils - Liner Negligence i. Deliberate Damage j. Total Loss k. Sue & Labor - Additional Limit l. Collision Liability - 4/4th, 3/4th, F&FRO - Additional Limit m. Pilotage, Towage, Change of Ownership n. Additional Insurances - IV, Disbursements o. War, SRCC exclusion - War risk cover p. Additional Coverages - RACE clause 1. Introduction 2. Understanding the Risk a. Application/Information Gathering Process - Operation Specifics of exposure; waters, how often, doing what, etc. Tug & Barge vs. passenger vessel vs. commercial fishing, etc. - Vessel owners and experience History of assured with this type operation Financials - Crew compliment and experience Hiring practices; number of crew, experience, etc. - Vessel specifics Blue vs. Brown water Age, size, design, construction Condition Valuation - Loss history 5 year minimum with detailed information b. Underwriting the producer - Relationship with producer - Book of business/Experience - Profitable or not 3. Rating Plans and Setting Policy Terms a. Appropriate policy form for intended use and operation of vessel(s) b. Exposure vs. Loss Rating; "As If's" and there application c. Impact on premium of Broad vs. Restrictive terms d. Credits and debits to apply 1. Notice of Claim 2. Investigation 3. Documentation 4. Proof of Loss 5. Methods of Settlement 1. Introduction a. The need for a survey b. Historical background c. Survey organizations d. Survey procedures and mechanism following casualties - interaction between Owner, Broker, Surveyor, Underwriter 2. Salvage a. Salvage from the viewpoint of the Underwriters surveyor b. Different salvage contracts - which type and when c. Relationships, Owners Salvors Underwriters Surveyor 3. Damage Surveys a. Hull b. Machinery c. Guidance for Owners Representatives 4. Claims Presentation a. Interaction between Owners, Adjuster, Surveyor 5. Other Survey Types Behalf Underwriters, Other Issues a. Loss of hire b. Cargo c. Hull surveys on behalf of cargo interests d. Warranty surveys and denial of claims e. Conflicts of interest Program Features: Electronic handouts Special Assistance: In Compliance with the American's with Disabilities Act, AIMU will make all reasonable efforts to accommodate persons with disabilities at its meetings. Please call John A. Miklus at (212) 233-0550 Refunds/Cancellations/Substitutions: Refund requests will be honored if received at least 48 hours prior to the scheduled start date. Cancellations received after the refund deadline and "no shows" are subject to the full registration fees. Substitutions may be made by notifying AIMU via email aimu@aimu.org. Attendees are not permitted to record, share, copy, or distribute any AIMU education. Location virtual and in-person |
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| Contact Elvira Rodin at erodin@aimu.org | |||||||||||
| For questions about educational credits, contact our Education/Training Specialist, Eileen Monreale Office phone: 212-233-0550 Emails: emonreale@aimu.org |
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