Mastering Marine Insurance Arrangement & Claiming
Offshore projects are considered to be high-risk due to the nature of the various operational activities.
- Level
- Intermediate
- Type
- Training
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About Training
Offshore projects are considered to be high-risk due to the nature of the various operational activities. Today, more aggressive regulations are now put in place for all offshore parties to comply with. As such, the liabilities in offshore environment become increasingly intimidating for both charterers and ship owners as the ever evolving regulations are established. Companies must now ensure that any unprecedented accidents or events are properly covered by their insurance arrangements.
This two-day program will provide the key information for O&G offshore marine insurance arrangement and claiming. Day 1 will focus in providing the participants the common liabilities that need coverage, the industry best practices when it comes to arranging for insurance coverage, common pitfalls insurance arrangement, and the various insurance products available in the market. Day 2 will then focus on the step by step approach in marine insurance claiming in a way that insurance coverage are maximized. Participants will learn on the various parties that are involved during insurance claiming and the things to avoid in marine insurance claiming with sample studies where claims are rejected. After finishing the course, participants will be better equipped in making informed business decisions with regards to arranging for marine insurance and processing of claims for offshore projects.
Training Objectives
- GAIN the knowledge of the key aspects when considering and selecting insurance coverage for offshore operations
- KNOW the common insurance products available in the market
- ANALYZE the limitations of typical insurance coverage by understanding the various types of risks and liabilities
- APPLY industry’s best practices when it comes to arranging for and buying of insurance
- LEARN the different stages in making an insurance claim
- UNDERSTAND in detail the various incident types in preparing for insurance claims
- IDENTIFY and AVOID common pitfalls and mistakes when making insurance claims to prevent claim rejection
Audiences
The course is designed for upstream professionals who deal with or who those who need to know about the management of insurable risks in offshore operations.
- Offshore Vessel Owners, Charterers
- Shipbrokers
- Contract Executives / Managers
- Chartering Executives/ Managers
- Procurement Executives / Managers
- Marine Logistics Executives / Managers
- Supply Chain Executives/ Managers
- PSCM Specialist
- In-house Legal Counsels
- Offshore Project Executives/ Managers
- Risk Managers
- Insurance Buyers, Underwriters
Instructor
Capt Anshuman Singh
Capt Sing is currently the Executive Director of One Maritime Team, which is the first and only indepedent correspondent service network established in the Middle East. This firm that he has established promises a new era of improved standards, full transparency, and cost-effectiveness in P&I. Capt Singh provide knowledge and advice based on previous experiences, and provides clients sound and realistic advice on the chances of defending or pursuing a claim.
Capt Singh was Admiralty Manager with Fichte & Co Legal Consultancy, which boast the largest team of qualified Maritime Lawyers including a Master Mariner and a strong regional presence in the Middle East with capabilities to operate worldwide. He was previously with the Gulf Agency Company (GAC), which is one of the leading P&I correspondents in the Middle East and the MSC Mediterranean Shipping Company S.A. of Switzerland.
His role includes working with all the major International Group of P&I Clubs, handling the most complicated and high value claims in the region which includes collisions, cargo damage and shortages, crew claims, charter party disputes to name a few. He also provides advice to ship owners, charterers and clubs on local jurisdiction and its interpretation and assists members and the clubs when matters go into litigation. He also successfully oversee the P&I department in the firm and in advising other claims handlers on complicated and technical issues and currently handles a team of 8 claims handlers and overlook the functioning of the Dubai P&I department.
Capt Singh has by far been instrumental in interfacing with top management and representatives of various P&I clubs, insurerers, brokers, shipping managers, lawyers internationally and with local authorities including customs, immigration and port officials. He is also well versed with industry compliance & commercial affairs and has prior experience interacting with Port Authorities for ensuring compliance with various statutory obligations at various international ports and preparing for external audits, ISO compliances from shore based authorities.
Capt Singh is a regular speaker at client and industry seminars, particularly in the offshore industry. He has spoken at numerous offshore and shipping conferences and trainings and just recently presented at the Offshore Support Vessels (OSV) Middle East Conference 2012 in Dubai, UAE
Daily Aims
DAY 1: FUNDAMENTALS OF MARINE INSURANCE
- Introduction to Marine Insurance for Offshore Projects
- Types of Insurance Coverage
- Fundamentals of Marine Insurance Products (Format and Extent of Coverage)
- Types of Casualties or Incidents
- Common Liabilities
- Indemnities and Risk Allocation
- Industry Best Practices
GROUP WORK : Given a list of offshore operational activities, identify the different types of risks and liabilities, and the types of insurance coverage that you will you need.
CASE STUDY : Macondo Drilling Incident/DeepWater Horizon. Present the implications of the 2010 incident to today’s insurance policies.
- Introduction to the Different Stages of a Claim
- Legal Liabilities and Legal Procedures – Jargons Explained
- Parties to a Casualty
- P&I Emergency Response
- Reporting of a Casualty
- Role of Salvor
- Pitfalls to Avoid in Marine Insurance Claiming
Closing : Developing Risk-Based Approach in Arranging for Insurance and Contracts
Training Schedule
| Code | Start Date | End Date | Locations | Cost | Instructor |
|---|---|---|---|---|---|
| PST0279-201401 | Kuala Lumpur, Malaysia | SGD 2,995 | Capt Anshuman Singh |
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