Hull and Machinery insurance covers physical damage to a ship and its machinery, requiring timely notice to insurers for claims. Types of losses include partial, total, and constructive total loss, with constructive total loss leading to significant financial implications and decisions regarding towage or salvage.
Insurance Cover as a Risk Management Tool
– Objective and Duties of claims departments on the side of insured entities
– The importance of upgrading risk awareness amongst assureds
– The importance of implementing risk management policies in the side of the assured and the insurers
– The risk management process
– Definition of an insurance contract, elements of the insurance contract
Loss Records and Statistics
– -identification and analyzing of the losses
– -loss prevention and identification by referring to loss records
– -Duties of claims department on the side of the assured.
– -Examples of categorized loss records and statistics
– -Case study
Damage and Casualty Reporting
– Insurers and the insureds- The common goal
– Safety management system as a Risk Management tool
– ISM functional requirements
– Reducing the financial impact
– Reporting procedures by shipping companies
Hull & Machinery insurance
– Notice to insurers
– Sue and Labor clause
– The casualty and surveys
– Deductibles and Sue and labor clause
– Proximate cause
– Types of losses
– Partial, total loss, constructive total loss
– Effects of Constructive total loss – Towage
