Marine Insurance

George Margaritopoulos, Senior Average Adjuster, Richards Hogg Lindley
George is an average adjuster with Richards Hogg Lindley (RHL) Piraeus since 2015 and has also spent time working in RHL’s London office. He qualified as an Associate of the Association of Average Adjusters in 2015 and as a Senior Associate in 2018. He has previously worked as a spares and shipyards broker and also as a chartering broker. He holds a bachelor degree in Industrial Management & Technology from the University of Piraeus and an MSc in Marine Policy from Cardiff University.
Georgia Simiakaki, FICS, Attorney-at-Law, VC Marine Claims Adjusters and Consultants Ltd
Georgia Simiakaki is an Attorney-at-Law; she completed her law degree at Athens Law School and has been a member of the Piraeus Bar Association since 2007. She has obtained an LLM in Maritime Law from the Law School of City University London, on full scholarship. Her area of expertise is mainly Maritime Law, Marine Insurance, Corporate and Commercial Law. She currently works for VC Marine Claims Adjusters and Consultants Ltd. She is a Certified Insurance (Re)Intermediary, a Fellow of the Institute of the Chartered Shipbrokers and she lectures in Shipping Law, Marine Insurance and Legal Principles of Shipping Business.

Operators, Commercial Managers, Charterers, Ship Masters & Chief Officers, Marine Insurance & Claims executives, Adjusters, Shipowners, P&I Claims Executive, Brokers, Lawyers

Specific Areas Covered:
THE MARINE INSURANCE MARKET
- Reasons for and application of marine insurance in shipping business
- The division of the market between Lloyds, Insurance Companies and Protection & Indemnity
Associations (P&I) and their respective organizational structures
- The concept of mutuality in P&I Associations
- Role and function of an insurance broker
- Classes of risk covered by marine insurance
- The Institute of London Underwriters (ILU) and the Salvage Association

THE PRINCIPLES OF MARINE INSURANCE
- Marine Insurance Act, 1906 (England): role, functions & perils covered
- The concept of insurable interest and utmost good faith and how the value is determined
- The practice of re-insurance
- How the rights and benefits under the contract can be assigned
- The Liability to the insurer both in respect of total & partial loss and how apportionment is made
- How the insurer becomes entitled to the insured property (subrogation)
- Expressed and implied warranties, breach of warranty and when warranty may be exceeded, the
implied warranty of seaworthiness of the ship

THE PRACTICE OF MARINE INSURANCE
- Procedures and documentation
- Assessment & application of premiums
- Insurance brokers’ remuneration by commission
- Time & voyage policies
- Use of open cover
- The Institute (ILU) Clauses

CLAIMS
- Total loss (actual and constructive)
- Particular average vs. General Average
- Mitigation of loss (sues& labour)
- Salvage and salvage services’ remuneration
- Limitation of liability in the case of Third Party claims against the insured.
- Professional indemnity insurance (errors & omissions): role and importance
- The impact of international pollution legislation on marine insurance and how pollution cover is
provided

GENERAL AVERAGE
- The concept of General Average (GA)
- York-Antwerp Rules: role and function
- What is admissible in a GA settlement
- How GA contributions are covered under marine insurance policies

Dates: 17, 19, 21, 24, 26/02 & 04, 06, 09, 10, 11/03
Duration 10 days
Hours 19:00 – 21:30