Marine insurance

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Marine insurance
Charlotte Warr

Introductions


Who am I?






Barrister and Solicitor Associate of the Chartered Insurance Institute Chartered Insurer Associate of the Association of Average Adjusters



Marine claims person by trade!
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Who are you?


Brief intro of who you are and where you are from

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Plan forthe 4 sessions



 

The business of shipping Clauses/Policy wordings Claims Reinsurance

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House rules






No such thing as a silly question Ask questions as we go through or at the end – your choice Always be thinking about a good topic for your essay

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Today’s agenda



   

The business of shippingLegal environment What are the risks faced? External pressures to buy What are the options for purchase What are the available markets


Pros and cons

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Business of shipping




Moving goods or people from one place to another Providing a specialist service such as salvage or dredging

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Why go into the business?


To make money?Sarnia Training Limited

What is the BDI



 

Average freight costs On various routes Using various sizes of ship Carrying a range of commodities


The major raw materials

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What does the graph tell you?

Challenging times for shipowners at the moment

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I want to be a shipowner





Do I build? Do I buysecondhand? For either what type of ship do I build or buy?

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What type of vessel?





Generalist Specialist What size

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Bulk carrier

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Container

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Oil/Products/Chemical tanker

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LNG/LPG

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Reefer

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Car Carrier

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Passenger vessel

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Specialist - Cable laying vessel

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Build your own

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Building issues


Where to build

 

Go for traditional – Europe? Go for efficiency – Korea Go for price – China?
Time Cost Materials



What to build
 



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Price to build


Varies dramatically according to



Location Type of vessel

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Dry bulk indicators

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Order books

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Order books
Average tanker build price is $105M 2008 high point was $160M

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Where in the world?
Dry bulk



       

BrazilBulgaria Denmark India Romania Vietnam Philippines Japan South Korea China

Tankers  Japan  South Korea  China

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What can go wrong?





Fire/explosion or similar in shipyard Financial problems in the shipyard Natural disasters (wind etc.)

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Bad time to go wrong

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View in daylight

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Money worries!


Borrow money from a bank


Ship mortgage
German KG and Norwegian K/S models



Equity financing




Do not buy or build but charter instead


Hiring out someone else’s ship

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Chartering




Different forms available Each putting different obligations on the owner and the charterer

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 







Also known as bareboat chartering Long term deals Charterer provides everything including crew Charterer has to purchase hull insurance Often used as purchase method


Pay instalments and a lump sum after a period of time
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Time chartering










Hiring a vessel for a period of time Taking over...
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