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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. The course is tailored to be relevant for cargo underwriters as well as cargo claims professionals.

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

  • 3.5 days programme including two evening events

  • Limited spaces available

London, 25-28 March 2025

The next IUMI Masterclass in Cargo Insurance will take place in London from 25-28 March 2025. Registration is now open.

To discuss any aspects of the Masterclass please contact Hendrike Kühl (hendrike.kuehl@iumi.com).

Module A: Contracts of affreightment

  • Introduction to carriage of goods
  • Contracts of carriage
  • Sea freight
  • Air freight
  • Case study

 

Module B: International programmes

  • 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 C: Coverage extensions 

  • 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 D: CAT risks/accumulation & ESG/sustainability

  • 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 marine insurance
  • Relevant ESG initiatives & legislation

 

Module E: Geopolitical aspects

Security threats to shipping

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

Sanctions

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

 

Plus: Site visit & networking

  • Lloyd’s of London
  • Meeting with representatives of Lloyd’s Market Association & Joint Cargo Committee
  • Special dinner with high-level keynote speeches
  • Networking reception

Introduction: Veith Huesmann, Chief Analyst, IUMI

Veith is the newly appointed analyst in the IUMI secretariat. After his diploma thesis about macroeconomic effects on marine insurance claims which he completed in collaboration with Swiss Re, Veith joined the P&I club Gard in Oslo where he was responsible for pricing projects and the portfolio management. During his tenure in Norway, he served as both a member and chairman of the CEFOR Statistical Forum. Upon relocating to Hamburg, Veith contributed to the successful development of a (re)insurance broking fintech. Most recently, he held the position of Senior Pricing Actuary for the GSA region at Allianz Trade, leading pricing projects for various lines of business.

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Module A: Alistair Johnston, Director, CJC

Alistair Johnston is a Director of CJC and a founder of the firm. He was admitted as a solicitor (England & Wales) in 1994.  He advises on all aspects of shipping law; specialising in marine insurance, casualty handling (including groundings, collisions and salvage operations) and shipping disputes generally. He is the Admiralty Solicitors Group (ASG) representative/liaison to the Lloyd’s Salvage Group.  He frequently lectures on various aspects of maritime law and has sat as an arbitrator in maritime proceedings. Alistair has acted for numerous vessel and cargo owners (and their insurers) in some of the most significant and high-profile maritime cases in recent decades.

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Module A: Maria Borg Barthet, Director, CJC

Maria Borg Barthet is a Director of CJC and was admitted as a solicitor (England & Wales) in 2007. Maria is also qualified as a lawyer in Malta. Recognised by Chambers and Partners as a "passionate and committed lawyer with a high level of technical knowledge", Maria advises on all aspects of wet and dry shipping litigation. She is a former lecturer at the University of Southampton where she tutored LLM students in the subjects of Carriage of Goods by Sea, Admiralty Law and International Trade.  She is a member of the British Maritime Law Association (BMLA) Executive Committee and is also active within the Comite Maritime International (CMI).

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Module A: Richard Murray, Managing Associate, CJC

Richard Murray is a Managing Associate at CJC and was admitted as a solicitor (England & Wales) in 2015 and called to Bar the following year. He specializes in shipbuilding, marine insurance, and casualty-handling; and has acted for numerous subrogated cargo insurers in recovery actions arising from complex loss incidents. Richard is a Supporting Member of the London Maritime Arbitrators Association (LMAA) and a Trustee and General Counsel of "HMS WELLINGTON". Prior to entering legal practice, Richard was Chief of Staff of a marine security and reconstruction company and held several inter-department roles within the UK Government. He has a special interest in the effect of geo-political events on shipping.

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Module B: Isabelle Therrien, Executive Vice President, Head of Cargo, Falvey Insurance Group

Isabelle is the Executive Vice President, Head of Cargo at Falvey Insurance Group. She started her insurance career in 1997 with Chubb where she worked in their Montreal, Toronto and New York City offices. She joined Falvey in 2007 where she has held several positions within the organization. Isabelle holds a bachelor’s degree in business administration with a Finance major. She is the immediate past Chair of the IUMI Cargo committee and was the President of the Canadian Board of Marine Underwriters (CBMU) from 2016 until 2020. Isabelle currently sits on the Board of Directors of the Mission to Seafarers Southern Ontario and was the President of the Board in 2023-24.

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Modules B & C: 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.

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Module C: Andrew Corton, Project Cargo Underwriter, Starr Insurance Companies

Andrew Corton has been in the London Marine market for 40 years. Both in Lloyd’s and the Company markets, almost all of that time in the Cargo world. His current position is - Project Cargo Underwriter for Starr Companies in London. He is the longest serving member of the Joint Cargo Committee and has just stepped down from position of Chair after three years, he remains a committed committee member. He is a regular speaker on various subjects related to Cargo insurance such as IUMI and also ICIC.

Outside of the Cargo Market, he is a qualified goalkeeping coach and says his main strength is shouting loudly and pointing his finger.

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Module D: Richard Turner, Head of Product Development, West P&I

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. In 2023 he joined West P&I as Head of Product Development. Richard was elected President of the International Union of Marine Insurance from 2018-2022 and chairs IUMI's ESG Working Group.

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Module D: Michael Young, Vice President, Moody's

Michael Young is an expert in modeling catastrophic climate perils for the insurance and re-insurance industry. In his past 20 years at RMS, Michael has led teams the developed hurricane, convective storm, and flood and wildfire models.  He is currently the lead product manager of a group that specializes in exposure and specialty vulnerability products at Moody’s Analytics.  Michael holds a BS in Civil Engineering from the University of Alberta and an MS from the Western University in Canada in Wind Engineering.

Module D: Rob Stevenson, Senior Client Director, Moody's

Rob is a Senior Director within the U.K. sales team based at Moody’s offices in London. Before joining Moody’s, Rob was the Head of Operations at Apollo Underwriting and previously held senior roles including Head of Exposure Management and Head of Insurance Operations at Tokio Marine Kiln and Head of Exposure Management at Wellington Underwriting.

Rob helps to provide Moody’s clients with innovative, integrated solutions to manage risk challenges and to help their businesses excel.

Module E: 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 chairs the IUMI Policy Forum.

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Module E: Patrick Murphy, Partner, Clyde & Co

Patrick Murphy is a shipping and international trade lawyer with a particular expertise in the application of sanctions to the shipping industry.  He regularly advises owners, charterers, traders, brokers, insurers and managers on the implications of voyages and business involving a range of sanctioned jurisdictions, including Russia, Iran, Venezuela, Syria and Myanmar, and on procedures for compliance with UK and EU sanctions, including the Oil Price Cap regime.  Patrick has also spent over a decade in Clyde & Co’s Dubai office where he advised a wide range of international clients on the sanctions risks and mitigation strategies of doing business in a high sanctions risk region. 

 

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The course is suitable for senior practicing underwriters and senior cargo claims professionals with significant experience who want to gain a greater knowledge of their class of 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 claims professionals:

  • 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 and claims handling successfully.

IUMI members*

Regular fee:                            €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)

Non-members

Regular fee:                            €3,490 + VAT  

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

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

Registration is now open. Please click HERE.