Welcome to IUMI’s Masterclass in Cargo Insurance!

This unique qualification programme has been designed by cargo insurance specialists to offer an exclusive opportunity to deep dive into key concepts of this class of business.

Gain insights into contracts of affreightment, international programmes, coverage extensions, CAT risks/accumulation, ESG/sustainability, and geopolitics:


  • Delivered by top level industry experts

  • Opportunity to learn & network

  • Comprehensive overview for senior underwriters and executives

  • 3.5 days programme including two evening events

  • Limited spaces available

London, 9-12 October 2023 -- Fully booked

The October 2023 Masterclass in Cargo Insurance is fully booked. To register your interest for future Masterclasses and to be added to the reserve list, please visit the "Registration" tab.

Module 1: Contracts of affreightment (day 1)

  • Introduction to carriage of goods
  • Contracts of carriage
  • Sea freight
  • Air freight
  • Road freight


Module 2: International programmes (day 2)

  • Definition & key actors
  • Putting together an international programme
  • Structure of international programmes
  • Non-admitted policy: "Non-Admitted but Permitted" vs "Non-Admitted Non Permitted"
  • Local policies - insurance conditions / critical topics
  • Financial interest - DIC/DIL - Reverse DIC: Additional clauses to master policy
  • Insurance premium taxes
  • Local policies reinsurance
  • Group exercise: Master DIC/DIL coverage on local policy loss


Module 3: Coverage extensions (day 2)                      

  • Static cover storage misappropriation
  • Brands / control of damaged goods
  • Understanding clauses
  • Case study: Clause wordings
  • Understanding frequently used non-institute clauses including their interpretations and implications


Module 4: CAT risks/accumulation & ESG (day 3)

  • Understanding the fundamentals of nat cat modelling
  • Limitations of nat cat modelling
  • Change of insured assets
  • Sustainability of clients and industries
  • ESG issues with impact on cargo insurance
  • Relevant ESG initiatives & legislation


Site visit (day 3)

  • Lloyd’s of London
  • Meeting with representatives of Lloyd’s Market Association & Joint Cargo Committee


Module 5: Geopolitical aspects (day 4)

Global threats to shipping

  • The basics of war risk insurance
  • Maritime security hotspots
  • Modern piracy
  • Cyber risks
  • Considerations from an underwriter's perspective

Sanctions & protectionism

  • Current rules and regulations
  • Due diligence
  • Trade credit rejection risk
  • Risks when breaching sanctions


Introduction: Lars Lange, Secretary General, IUMI

Lars started his professional career as a maritime lawyer with the law firm Blaum Dettmers Rabstein in Bremen. In October 2008 he took over the position as head of the marine and aviation insurance department at the German Insurance Association (GDV) in Berlin. In January 2013 he moved to his present position as Secretary General of the IUMI where he runs the association's IMO and EU activities and fosters the relations with other maritime stakeholders. Lars also chairs the International Quality Assessment Review Body (IQARB) under the auspieces of the IMO and holds a number of honorary posts such serving as a member of the Advisory Committee to the IACS QSCS and as a technical expert to the BIMCO Safety and Security Committee.


Module 1: Alex Kemp, Partner, HFW

Alex predominantly advises clients on the legal issues arising from casualty management and crisis response including salvage, wreck removal, groundings, collisions, fires and piracy with a particular interest in container ship casualties and war risk claims. Alex has extensive experience in marine insurance advising insurers, brokers and assureds in relation to H&M, war, kidnap & ransom, increased value, cargo, builder's risks, yacht and ports & terminals insurance policies. Alex is also part of the firm's dedicated yacht team


Module 1: Matthew Wilmshurst, Partner, HFW

Matthew works with ship-owners, NVOCs and transport operators, cargo interests and insurers on logistics and supply chain related disputes and projects. Matthew's dispute resolution and litigation practice includes claims arising out of the carriage of goods, which encompasses defence work, cargo recovery, and salvage and general average claims; representing ports and terminal operators on third party liability, property damage and business interruption claims; and marine insurance policy and commercial disputes.


Module 2: Christopher Hesselbrandt, Portfolio Manager Marine – Nordic Region, QBE Europe

Christopher has a law degree from the University of Stockholm with focus on insurance and maritime law. Having spent his entire career in the insurance industry he started out as a claims handler with a local Swedish insurance company before moving into underwriting more than ten years ago at the largest Nordic insurance company If P&C. He has worked as a marine manager since 2017 working for AXA XL and nowadays QBE underwriting some of the largest and most complicated risks in the Nordic market with a special focus on global cargo programmes.

Christopher is a member of the Swedish Board of Marine Insurers and has been engaged with IUMI and the Education Forum since 2018, having chaired the working group tasked with developing the curriculum for the IUMI Master Class in Cargo Insurance.


Module 2: Isabelle Therrien, Senior Vice President Canada, Falvey Insurance Group

Isabelle Therrien is Senior Vice President Canada at Falvey Insurance Group. She oversees the Canadian Operations and is currently based out of the company’s Toronto office. Prior to joining Falvey in 2007, Isabelle spent 10 years at Chubb working in their Marine department in Montreal, Toronto and New York. Isabelle has spent 25 years in Marine Insurance and has built expertise in underwriting a wide array of marine risks. She was the President of the Canadian Board of Marine Underwriters (CBMU) from 2016 until 2020. She has been a member of the IUMI Cargo Technical committee since 2015 and was appointed Chair of that committee in 2020.


Module 3: Sibesh Sen, Executive Vice President, HDFC ERGO

Sibesh is Executive Vice President at HDFC ERGO General Insurance Co Ltd. in  Mumbai since 2017. In this capacity he is head of Marine, SME and Broking Relations. Sibesh started his career in the National Insurance Company in 1988 and worked at Tata AIG General Insurance from 2001-2017 in various capacities including Head of Marine, Agency, Banassurance, Training and CSR. Sibesh is a member of IUMI's Cargo Committee and of the Advisory Committee of the Indian Insurance Institute (III). He holds a post graduate degree in History from Delhi University.


Modules 3 & 5: Mike Roderick, Partner Clyde & Co

Mike has over 30 years’ experience in marine insurance dispute resolution, handling a broad range of coverage, liability and recovery cases acting for London and foreign market insurers/reinsurers and their insureds/reinsureds. He also has significant experience of general commercial disputes with a marine flavour. Mike heads up the fine art practice in London, often working closely with Clyde's New York office, acting for clients across a diverse range of issues including as to provenance, attribution, valuation and the recovery of stolen or looted art. Mike sits as the ex officio Legal Adviser to the London market’s Joint Cargo Committee and is a supporting member of the Average Adjusters’ Association. He is regularly asked to draft new Policy wordings and clauses, a number of which have been adopted by the JCC and by clients.


Module 4: Richard Turner, Global Head of Marine, Victor International

Richard has worked in insurance for 39 years, and for virtually all of that time, exclusively in marine insurance. He has worked at the highest leadership level in the Marine insurance sector and in multi-specialty lines. He was CEO of RSA Luxembourg (until 2020) and prior to that, head of RSA’s European Specialty lines business from 2017 onwards. Earlier in his career, he ran the London Market Marine operation of RSA, and then its wider UK & European Marine business. Between 2012 and 2016, he was Global Marine Director at RSA. In 2020, Richard was appointed as Global Head of Marine at Victor International, one of the largest international MGAs. Richard was elected President of the International Union of Marine Insurance in 2018 and chairs IUMI's ESG Working Group.


Module 4: Derek Blum, Senior Director, RMS

Derek began his career with Risk Management Solutions (RMS) in the early years of catastrophe modeling, enabling the insurance market to develop a discipline of quantifying and managing risk from low-frequency, high-severity kinds of events. In his 20+ years of experience with RMS, Derek has helped launch new models related to terrorism and infectious disease / pandemic, among others. He now oversees the Emerging Risks team responsible to developing modeling solutions for a wide range of risks including cyber, political risk, and agriculture. In addition, Derek is responsible for extending the boundary of existing models to cover more kinds of exposures and impacts such as mortality/morbidity, marine cargo, energy and other specialized industrial risks, liability, and supply chain. Derek holds a BA in quantitative economics from Stanford University.


Module 4: Daniel James, Senior Analyst, Munich Re Syndicate

Daniel works as a Senior Catastrophe Risk Analyst at Munich Re Syndicate after graduating with an MSc in Climate Change Science and Policy from the University of Bristol. During Daniel’s career, he has led the catastrophe analytics and accumulation control across a range of marine and specialty lines assisting underwriters in understanding the catastrophe risk to their portfolios. He has a leading role at Munich Re Syndicate in exploring additional approaches to exposure monitoring as well as validating models, developing a deep understanding of both the benefits and limitations of modelling catastrophe risk.


Module 5: Freddy Furulund, Director of Security & Contingency, DNK

Freddy joined DNK in 2015 to develop a thorough loss prevention and loss mitigation capability at DNK. This later materialized as the Intelligence & Operations Centre (IOC) which currently consists of five professionals. The DNK IOC builds the global Intelligence picture to support decision making amongst their members in the short to long term. This is done this through a professional set-up involving an extended source-network, a structured and well recognized methodology and skilled intelligence analysts. DNK IOC also supports their members with Crisis Management if necessary and provides 24/7 Duty Officer support to their members. Before joining DNK, Freddy served 30 years as an officer in the Norwegian Armed Forces. First 15 years in various command positions within the Norwegian Army, and the last 15 years in various positions within the Norwegian Intelligence Service. Last as the Principal and Commandant of the Norwegian Intelligence University College.


Module 5: Anders Hovelsrud, Insurance Director, DNK

Anders has nearly 30 years of experience from the maritime industry, the majority from various sectors of marine insurance. Anders holds a BSc in Nautical Science, an MSc in Shipping Finance from Bayes Business School (formerly Cass) in London, and an Executive MBA from Norwegian School of Economics. He has previously served as Navigational Officer on frigates in the Royal Norwegian Navy, engaged both on the Norwegian coast, and all over Europe. Anders started his career within marine insurance in 2004 at Norwegian Hull Club, handling hull claims for nine years, the last five as claims manager at the Oslo branch. Since 2017, Anders has held the position as Insurance Director for the Norwegian Shipowners’ Mutual War Risks Insurance Association, DNK. Anders oversees the reinsurance programme of the Club, takes part in crisis response, and is responsible for the insurance product and pricing. Anders currently serves as Chairman of Cefor - The Nordic Association of Marine Insurers.


Site visit: Neil Roberts, Head of Marine & Aviation, Lloyd’s Market Association

Neil Roberts has worked in the London insurance market since 1985. He is Head of Marine and Aviation for the Lloyd’s Market Association and acts as London market liaison with the wider maritime services community, at both commercial and government levels, on technical and maritime security issues. He is secretary to IUMI’s Ocean Hull Committee and a member of the IUMI Policy Forum.


The course is suitable for senior practicing underwriters with significant experience in cargo underwriting who want to gain a greater knowledge of their business. The programme will help delegates to acquire new insights and to expand their knowledge in key concepts and topics relevant to senior underwriters and executives:

  • Contracts of affreightment
  • International programmes
  • Coverage extensions
  • CAT risks/accumulation & ESG
  • Geopolitical aspects

The aim of the course is to enable attendees to anticipate and navigate the more complex and challenging aspects of cargo underwriting successfully.

IUMI members*

Early bird fee: 

Book by 15 June 2023:   €2,250 + VAT

Regular fee:

Book by 31 August 2023:      €2,490 + VAT

*Employees of companies who are a member of one of IUMI's member associations, employees of IUMI Professional Partners (IPPs), employees of IUMI affiliates)


Regular fee:                            €3,490 + VAT  

The participants fee covers all course materials, access to digital learning space, refreshments throughout the day, including a mid-day lunch on each course day, one 3 course presentation evening dinner and a drinks reception.

Travel, accommodation and related expenses are borne by the delegates.

Registration deadline

The March 2023 course is already fully booked.


To discuss any aspect of the programme in more detail, please contact Hendrike Kühl at or call +49 40 2000 747 25.

Registration for the October Masterclass is fully booked. If you would like to be added to the reserve and notification list for future IUMI Masterclasses, please fill in this form.