THE MARINE INSURANCE HANDBOOK

The concept for this book originated from the requests of various insurance professionals, local institutes, and insurance companies who sought a single reference that encompasses essential information for enhancing the skills and knowledge of newcomers to the insurance sector.

Although titled The Marine Insurance Handbook, this book provides the guidelines utilized by marine underwriters and claims managers to make informed decisions on practical cases daily, grounded in established legal principles and rulings. It also features the most widely adopted insurance clauses issued by the Institute of Marine Underwriters and the Lloyd’s market, which are globally recognized and either derived from legal precedents or market consensus.

This book includes collections of the different Institute Cargo Clauses, comparing the 1982 and 2009 editions, as well as the Institute Time Clauses—Hulls and related clauses pertinent to ship insurance. Brief discussions on the well-known terms of the International Chamber of Commerce (Incoterms) are presented as relevant topics for cargo underwriting.

Additionally, the subjects of fraud, letters of credit (L/C), the relationships between banks and insurers, and protection and indemnity clubs are included, as they are deemed essential for underwriters and claims managers. Information regarding the various types of ships and the cargoes they carry is also provided, with a focus on the primary commodities transported by sea. International conventions that govern the carriage of goods by sea, land, and air are incorporated, as they hold significance for underwriters and marine claims handlers alike.

The topic of reinsurance is discussed, highlighting the major types of treaties employed in the market by small and medium-sized insurance firms. A summary of General Average and York-Antwerp rules has been included for necessary reference, while detailed information has been reserved for licensed loss adjusters.