RMMI5460 – Marine Insurance Settlement
Course description
Course content
The Marine Insurance Settlement course is the fourth course in the Risk Management and Marine Insurance programme. Marine insurance is a legal tool for shifting risk from the ship owner to the insurer. However, the Marine Insurance business includes not only knowledge about coverage under a marine insurances policy. It further requires competence of those working within the marine insurance industry in settling a marine insurance claim. It has been said that settling is the “shopping window” of the Insurance Company. Marine Insurers provides expert advice to clients in the shipping insurance and general maritime sectors. This includes marine claims settling and consultancy services to risk carriers around the world. If Insurers fails to provide knowledge of settling on an expert level the goodwill will decline and the customer will go to another service provider in the field.
Settling a claim involves the outmost knowledge in marine insurance coverage and also good knowledge in e.g. technical and economical matters which the students would have obtained during the previous three courses in the RMMI-programme. The Marine Insurance Settling course seeks to equip students with tools to enable them to meet the ever-changing professional challenges in the sector. It is assumed that the risk inherent in the shipping sector can be sufficiently identified and evaluated, both technically and economically, also from a claim point of view. In the light of the claims made new risks can be evaluated technically and assessed economically. In this manner the claims side of insurance is connected with the other three sides of shipping business, viz. technical and economical risk management and insurance cover.
The focus of the course in Marine Insurance Settlement is placed on the practical side of marine average claims management. Practical cases regarding marine averages will be dealt with. The practical cases include adjusting under hull insurances, loss of hire insurance, and general average.
The course is primarily meant for practitioners who want to achieve a good understanding within this field.
Learning outcome
After completion of the course the student is expected to have acquired knowledge and understanding of the law of marine insurance settlements regarding;
- marine hull claims,
- loss of hire claims and
- the law of General Average Settlements.
The student is expected to have gained skills and abilities in order to be able to; identify, analyse and adjust marine claims within those areas stated above.
The course will involve providing support to the students in their functions as loss adjusters dealing with the initial handling of a claim. They will be able to dealing with queries and adjusting. Also compiling interim and final settlements will be discussed. The students will also be involved in the calculation of the settlement as well as the settlement process of a claim.
The course is ideal as it gives not only a strong background to the marine settlement side, but also to the whole insurance market in the commercial claims environment.
Admission
Only students admitted to the Risk Management and Marine Insurance programme may attend this course.
Prerequisites
Formal prerequisite knowledge
No compulsory prerequisites, beyond the requirements for admission to the Risk Management and Marine Insurance programme
Recommended previous knowledge
Technical and Maritime Risk Management at NTNU, Financial Risk Management at CBS and JUR5450 – Marine Insurance (discontinued)
Teaching
Teaching will take place in Gothenburg. The course will be taught in three two-day seminars that will be held at intervals throughout the semester.
Examination
4 hour written examiniation.
Please note: The exam will be held at the Faculty of Law at the University of Oslo even though the lectures will be held in Gothenburg.
Language of examination
English
Grading scale
Grades are awarded on a scale from A to F, where A is the best grade and F is a fail. Read more about the grading system.
Explanations and appeals
Withdrawal from an examination
It is possible to take the exam up to 3 times. If you withdraw from the exam after the deadline or during the exam, this will be counted as an examination attempt.
Special examination arrangements
Application form, deadline and requirements for special examination arrangements.
Please se Detailed regulations for the Faculty of Law, Chapter 3 regarding application, responsibilities and special measures.
Evaluation
The course is subject to continuous evaluation. At regular intervals we also ask students to participate in a more comprehensive evaluation.