COURSE OVERVIEW:

Chartering, Hiring of Vessels and Marine Insurance is a comprehensive program designed to bridge the gap between ship procurement and risk management. This course provides a detailed analysis of the commercial processes involved in fixing vessels for employment and the financial safeguards required to protect those assets. Participants will explore the diverse world of chartering, from short-term spot market fixtures to long-term period hiring, focusing on the contractual frameworks that govern these high-value transactions.

The scope of this training involves an examination of the legal obligations of shipowners, charterers, and insurers. Attendees will learn to navigate the complexities of Time, Voyage, and Bareboat charter parties, understanding how risk and cost are distributed between parties. The course details the essential components of Marine Insurance, including Hull and Machinery (H&M), Protection and Indemnity (P&I), and Freight, Demurrage and Defense (FD&D) cover, ensuring that participants can evaluate the adequacy of insurance for specific maritime operations.

Coverage also includes the role of the shipbroker, the negotiation of freight rates, and the management of maritime claims. Participants will explore how insurance responding to accidents, pollution, and cargo damage interacts with the contractual "Hiring" terms. By providing a holistic view of the shipping business, this course equips maritime professionals, legal advisors, and financial managers with the skills to negotiate sound contracts and manage the inherent risks of global maritime commerce.

COURSE OBJECTIVES:

After completion of this course, the participants will be able to:

1. Identify the key stages and participants in the vessel chartering process.
2. Distinguish between Voyage, Time, and Bareboat (Demise) Chartering.
3. Interpret the financial and legal structures of the "Hiring" contract.
4. Define the role and ethics of the Shipbroker in maritime transactions.
5. Explain the principles of "Utmost Good Faith" and "Insurable Interest."
6. Evaluate the coverage provided by Hull and Machinery (H&M) Insurance.
7. Understand the function of Protection and Indemnity (P&I) Clubs.
8. Identify the typical exclusions and warranties in Marine Insurance policies.
9. Navigate the claims process for vessel damage and cargo losses.
10. Manage the risks associated with "War Risks" and Piracy insurance.
11. Explain the "General Average" concept and its financial implications.
12. Assess the impact of vessel condition on insurance premiums and hiring.
13. Formulate risk mitigation strategies for complex maritime contracts.

TARGET AUDIENCE:  

Shipowners, Charterers, Marine Insurance Brokers, Claims Officers, Shipping Accountants, and Legal Professionals.

TRAINING COURSE METHODOLOGY:

A highly interactive combination of lectures, discussion sessions, and case studies will be employed to maximise the transfer of information, knowledge, and experience. The course will be intensive, practical, and highly interactive. The sessions will start by raising the most relevant questions and motivating everybody to find the right answers. The attendants will also be encouraged to raise more of their questions and to share in developing the right answers using their analysis and experience. There will also be some indoor experiential activities to enhance the learning experience. Course material will be provided in PowerPoint, with necessary animations, learning videos, and general discussions.

The course participants shall be evaluated before, during, and at the end of the course.

COURSE CERTIFICATE:

National Consultant Centre for Training LLC (NCC) will issue an Attendance Certificate to all participants completing a minimum of 80% of the total attendance time requirement.