The IUMI Cargo tutorial provides a comprehensive overview of Cargo Insurance knowledge, including international trade and insurance buying behaviour, what is being covered (or not), and claims and clauses.
In our role as Marine Treaty Underwriters at Munich Re, we are dealing with experienced insurance clients globally and need to be able to discuss coverages, clauses, risk assessment or special requests with brokers and clients. Our core business is Hull and Cargo Insurance, where it is key to deeply understand the coverages granted in the marine markets and clients’ portfolios.
On-the-job training is a big part of learning, by interacting with clients and learning from colleagues’ experiences. Initially, this can sometimes feel like a puzzle where you receive one piece at a time, and structured learning approaches can be instrumental. As such, we were looking for a programme that provides a comprehensive understanding of the business while being easy to integrate into our daily work schedule. IUMI provides many learning materials for different topics, including webinars, panel events and training courses. The IUMI Cargo Tutorial proved a perfect fit.
The Cargo Tutorial consists of 11 modules, which focus on different topics of Cargo Insurance, starting with basics such as international trade and incoterms, delving into coverage, exclusions and additional wording items like duration provisions and also covering specific topics like stock throughput or general average.
You can work through the training at your own speed as a participant. While the recommended timeframe is three months, you have up to two years to finish all eleven course modules. At the end of each module, you must take a quiz to test your acquired knowledge and repeat key elements. After completing the tutorial with all its modules, it is possible to take a final exam to receive a participation certificate. Since this is a flexible course, there are no specific dates when it commences, and you can enrol at any time.
Although we appreciated the flexibility, working through the tutorials while also doing our daily work was challenging.
It was especially helpful that we were several colleagues participating simultaneously, so we organised joint recap sessions and exchanges on the topics learned. IUMI offers “Virtual Classroom Sessions” where you can interact with others, which is very helpful when doing the tutorial on your own.
For us as Treaty Underwriters, the cargo knowledge and deeper understanding of the coverages still prove very useful in our day-to-day, be it during risk assessment, client discussions and particularly for the analysis of special acceptances and facultative requests we receive from our treaty clients.
We highly recommend the tutorial to those at the beginning of their Cargo Insurance journeys or those looking for a comprehensive refresher across the entire value chain.
