Marine Hull Underwriting and Claims IC 70 Practice Exam

Marine Hull Underwriting and Claims IC 70 Practice Exam

About Marine Hull Underwriting and Claims IC 70 Exam

The Marine Hull Underwriting and Claims IC 70 Exam, offered by the Insurance Institute of India, is a specialized certification program designed for professionals and aspirants seeking to build a robust foundation in marine insurance with a focus on underwriting practices and claims management for marine hull policies. This certification provides a comprehensive understanding of the marine hull insurance sector, enabling participants to navigate the complexities of underwriting and claims with precision and expertise.

Skills Required

To succeed in the Marine Hull Underwriting and Claims IC 70 Exam, candidates should possess:

• Analytical skills for assessing marine risks and evaluating claims.
• A basic understanding of insurance principles and marine operations.
• Strong decision-making abilities for underwriting and claims settlement.
• Attention to detail and knowledge of regulatory frameworks governing marine insurance.
• Communication and negotiation skills for interacting with clients and stakeholders.

Knowledge Gained

Upon completing the exam, candidates will acquire:

• In-depth understanding of marine hull insurance policies, including coverage, exclusions, and conditions.
• Expertise in underwriting practices for various types of vessels and machinery.
• Practical insights into handling marine hull claims, from investigation to settlement.
• Awareness of international conventions, maritime laws, and regulatory compliance.
• Strategies for loss prevention and risk mitigation in the marine insurance domain.

Who should take the Exam?

This certification is ideal for:

• Insurance professionals specializing or aiming to specialize in marine insurance.
• Marine underwriters, claims handlers and risk managers seek to enhance their expertise.
• Professionals working in the shipping, logistics, or maritime sectors who deal with marine risks.
• Individuals aspiring to build a career in marine insurance or related industries.

Course Outline

The Marine Hull Underwriting and Claims IC 70 Exam covers the following topics - 

Domain 1: Understanding Marine Hull and Types of Vessels

• Meaning of marine hull insurance
• Importance of marine hull insurance
• Categories of vessels
• Types of vessels
• Eligible parties for insurance cover
• Classification of vessels
  • Ocean-going vessels
  • Sundry hulls
  • Coastal vessels

Domain 2: Understanding Marine Hull Principles and Types of Policies

• Marine hull insurance principles
• Basis for granting marine hull insurance
• Policy construction
• Types of policies:
  • Hull Policies
  • Hull and Machinery Insurance
  • Insurance of Freight
  • Time/Voyage Policies
  • Disbursements and Increased Value Insurance
• Premium adjustments:
  • Premium Reductions
  • Returns of Premium
• Specialized policies:
  • Builders’ Risks Insurance
  • Ship Repairer’s Liability Insurance
  • Charterer’s Liability Insurance
  • War and Strikes Risks Insurance
  • Loss of Hire Insurance (LOH)
  • Loss of Profits Insurance

Domain 3: Understanding various Marine Hull Covers and Clauses

• Institute Time Clauses (Hulls) 1983:
  • History and overview
  • Risks covered and excluded
  • Amount payable and deductibles
  • Unrepaired damage and constructive total loss
  • Duty of the assured (Sue and Labor Clause)
  • Collision liability
  • Claims procedure
• ITC Clauses (1983 vs. 1995):
  • Navigation clause
  • Classification clause
  • Perils clause
• Specialized clauses:

General Average and Salvage

Returns for Lay-up and Cancellation

Radioactive Contamination Exclusion Clause

• Other notable clauses:
  • Institute Yacht Clauses
  • Features of the Institute Fishing Vessels Clause (IFVC)
  • British Clauses vs. American Institute Hull Clauses

Domain 4: Understanding Ship Builders’ Risks Insurance

• Institute Clauses for Builders’ Risks
• Subject matter of insurance
• Coverage details:
  • Commencement and delayed delivery
  • Insured value and exclusions (e.g., faulty design, navigation)
  • Pollution hazard
  • Protection and Indemnity Clause

• Rating and premium payment

Domain 5: Understanding Marine Hull Underwriting and Rating

• Vessel-related risk aspects:
  • Technical details
  • Supporting documents
• Physical and moral hazards
• Vessel valuation and trading limits
• Towage risks and declined risks
• Hull initial rating and renewal rating
• Types of vessels and conditions for insurance:
  • Inland vessels
  • Dredgers
  • Fishing vessels
  • Sailing vessels

Domain 6: Understanding Ship Classification Societies

• International Association of Classification Societies (IACS)
• Indian Register of Shipping (IRS)

Domain 7: Understanding Special Insurances

• Ship Repairers Liability Insurance
• Charterers' Liability Insurance
• Marine Defense Insurance
• Mortgagee’s Interest Insurance
• Insurance of Port Liabilities and Port Package Policy

Domain 8: Understanding Insurance of Oil and Gas, SBM

• Oil and gas wells:
  • Exploration and production
  • Types of wells and drilling risks
• Energy package policy:
  • Property damage
  • Control of well
  • Third-party liability
• Single Buoy Mooring (SBM):
  • Components and risks in operation
  • Insurance coverage

Domain 9: Understanding War and Strikes Risks Insurance

• War risks time policy under the Government of India Scheme
• Coverage details and other features

Domain 10: Understanding Protection and Indemnity Clubs (P&I Clubs) and Marine Hull Reinsurance

• Introduction to P&I Clubs and their coverage
• Marine hull reinsurance - Facultative arrangements

Domain 11: Understanding Marine Insurance Associations & Standards

• Key associations:
  • International Underwriting Association of London (IUA)
  • The Institute of London Underwriters (ILU)
  • Joint Hull and War Committees (JHC and JWC)
  • International Maritime Bureau (IMB)
• Standards:
  • ISM Code
  • ISPS Code
  • MARPOL

Domain 12: Introduction to Marine Hull Claims

• Fundamental principles of marine insurance:
  • Utmost good faith
  • Insurable interest
  • Indemnity and subrogation
  • Contribution and proximate cause
• Types of losses:
  • Total loss and partial loss
  • Particular charges and salvage charges

Domain 13: Understanding Claims on Marine Hull Policies

• Types of losses:
  • Total loss (actual and constructive)
  • Partial loss
• Claims process:
  • Survey arrangements
  • Documentation requirements
  • Hull survey reports
• Claim finalization and settlement

Domain 14: Understanding General Average and Salvage Claims

• General Average:
  • Sacrifice and expenditure
  • York-Antwerp Rules
  • General Average security documents
• Salvage claims:
  • Lloyd’s Open Form provisions
  • Successive general averages

Domain 15: Understanding Collision Liabilities and Insurance of Freight Claims

• Collision liabilities:
  • Meaning and types (e.g., single liability, cross liability)
  • Protection and Indemnity Associations
• Freight claims:
• Valued and unvalued policies
• Total loss, partial loss, and constructive total loss