PROLOGUE

This book is compiled illustrating some actual cases of marine insurance losses in which the author has been involved.  It should be of interest to shipping company superintendents and marine consultants when working within this field.  It explains how an incident investigation is carried out to determine the cause and effect of a claimable incident.  It can be termed a 'beginner's guide to incident investigations' for people interested in these cases.

Ships require to be insured against losses. These losses come under various headings, whether the loss is to the vessel itself or its equipment, its cargo, crew and their possessions, owners' losses, third party losses and so on. These are a few of the losses against which ships are insured. When something goes wrong under one of the insured areas, this usually becomes part of an investigation that third party surveyors must carry out. Some investigations are termed 'without prejudice', that is on a completely independent and unbiased manner, and others are on behalf of someone, either the ship owner or the insurance company who is responsible for making good the loss, so being 'on their side' the surveyor makes the best case for whom he is representing.

The person, or group of persons, who carry the insurance is called the 'underwriter'. This is an old term whereby a person would have a list drawn up of the item or items that he would be prepared to cover with his insurance and write his name under that list, thereby becoming the 'underwriter' of the insured items.

In the main, the four biggest underwritten losses are:

The first, the ship itself, is covered under the 'hull and machinery' insurance or, H&M.
The cargo is covered by a separate insurance, and the losses caused to others comes under 'protection and indemnity' insurance, commonly called P&I insurance. A ship not working is causing financial loss to the owner, so he must be covered for 'loss of hire' and this is how the cover is termed, or LoH.
In all types of claim, the full story of a voyage should be assessed as related delays could be recoverable under the ship's Loss of Hire coverage..........................

The above is a brief introduction into what the e-book is about. If it is of interest, please contact Don Butler for instructions on downloading a full copy of the book.  Main book also includes a Microsoft Excel workbook formatted for including separate price strategies.