Assignment Brief Marine Insurance utmost good faith Scenario Utmost good faith is paramount between both the

e proposer and the insurer during the negotiations leading to the formation of the contract. Explain the meaning of the of utmost good faith and when does the duty stop. Does the requirement arise again during the process of making a claim on the policy if so why? Tasks You are required to write a report based on the following outcomes: 1. Include in your answer the way insurance is transacted in the London insurance market. 2. Differentiate between the various types of insurance available in the marine market when a claim is made, with recommendations of appropriate cover for vessels according to type, voyage and cargo. 3. Explain the procedures to be used when making a claim and prepare a draft claim. 4. Explain the principles of GA & Salvage.

Assessment Criteria
Learning outcomes Assessment criteria Explain the rationale and principles of marine insurance Outline the key elements in the marine insurance market Discuss the different types of insurance in the marine environment Recommend appropriate cover for vessels according to vessel type, voyage and cargo Explain how claims are prepared and presented Prepare a draft claim Outline the fundamental principles of salvage and remuneration Explain what is meant by General Average The presentation is laid out and word processed in a recognised report style The language employed is appropriate for someone who may not be expert in insurance The strategic recommendations are discussed and analysed The evaluation methods employed to assess effectiveness of report are detailed The concepts and principles of the marine market are accurately applied to the report Original, well-argued, rational recommendations have been generated There is considerable evidence that the market has been researched and appropriate sources used and cited Met/not met

1 Outline the principles

of marine insurance and the marine insurance market

2 Differentiate between

the various types of insurance in the marine environment

Explain procedures
3

claims

4 Explain the principles

of Salvage General Average

and

Criteria for Merit To achieve a Merit grade, the student must: Achieve the pass level, submit the report on time and demonstrate that he/she is able to prepare a report wherein:

Criteria for Distinction To achieve a Distinction grade, the student must: Achieve the Merit level and demonstrate that he/she is able to prepare a report wherein: