Module LAWM079 for 2017/8
- Overview
- Aims and Learning Outcomes
- Module Content
- Indicative Reading List
- Assessment
Postgraduate Module Descriptor
LAWM079: Marine Insurance
This module descriptor refers to the 2017/8 academic year.
Module Aims
The aim of the module is to provide you with a comprehensive introduction to marine insurance, explaining the forms of insurance available and the legal framework which applies to them. You will look at the standard forms of insurance wordings issued by the London Market, and you will learn to apply those wordings to common situations which arise. There are many current challenges, including the activities of pirates, and you will consider how both insurers and the law respond to these challenges.
On successfully completing the programme you will be able to: | |
---|---|
Module-Specific Skills | 1. Demonstrate a detailed knowledge of the forms of risk for which insurance is required and what policies are available to cover those risks; 2. Demonstrate a detailed knowledge of the legal framework applicable marine policies and the ability of the parties to contract out of the default rules laid down by the law; 3. Advise accurately and comprehensively on the application of the default rules and the most common market agreements to the most important risks covered by marine policies |
Discipline-Specific Skills | 4. Demonstrate detailed and comprehensive knowledge and understanding of the complex web of case law dating back 300 years, statutory codification and market agreements 5. Demonstrate flexible and innovative ability to analyse the outcome of typical marine insurance disputes and to review critically the state of the law and whether any reform is needed |
Personal and Key Skills | 6. Communicate key legal concepts to both legal and market audiences effectively, confidently and independently 7. Research and write concisely, confidently and autonomously on the application of the law to specific problem issues |
Module Content
Syllabus Plan
While the module’s precise content may vary from year to year, it is anticipated that the following topics will be covered:
- History of marine insurance, from the Bubble Act 1720 to the present day
- The role of Lloyd’s, insurance companies, P&I Clubs and brokers
- The types of risks covered by marine policies and the wordings available
- Formation of policies using the Market Reform Contract
- Key formation concepts, including insurable interest and utmost good faith
- Forms of loss and the measure of indemnity
- The rights of insurers, including subrogation, contribution and abandonment
Learning and Teaching
This table provides an overview of how your hours of study for this module are allocated:
Scheduled Learning and Teaching Activities | Guided independent study | Placement / study abroad |
---|---|---|
36 | 264 | 0 |
...and this table provides a more detailed breakdown of the hours allocated to various study activities:
Category | Hours of study time | Description |
---|---|---|
Scheduled Learning & Teaching activities | 30 | 10 x 3 hour Lectures/seminars |
Scheduled Learning and Teaching Activity | 6 | Small group presentations on previously assigned topics aimed to make assessment more vivid and more diverse. Students will be required to make small group presentations on chosen topics (allocated time: 15 minutes for each group) (2 x 3 hour Seminars dedicated to presentations) |
Guided independent study | 180 | Post-lecture/seminar reading |
Guided independent study | 84 | Preparation for formative/summative essays and summative presentations |
Online Resources
This module has online resources available via ELE (the Exeter Learning Environment).
BAILII http://www.bailii.org/
I-law http://www.i-law.com/
English and Scottish Law Commissions, 2006-2013, 9 issues papers and three consultative documents
http://lawcommission.justice.gov.uk/areas/insurance-contract-law.htm
Australian Insurance Law Reform Committee Report No 91, 2001 http://www.alrc.gov.au/report-91
Insurance Act 2015 http://www.legislation.gov.uk/ukpga/2015/4/contents/enacted
Marine Insurance Act 1906 http://www.legislation.gov.uk/ukpga/Edw7/6/41/contents
How this Module is Assessed
In the tables below, you will see reference to 'ILO's. An ILO is an Intended Learning Outcome - see Aims and Learning Outcomes for details of the ILOs for this module.
Formative Assessment
A formative assessment is designed to give you feedback on your understanding of the module content but it will not count towards your mark for the module.
Form of assessment | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
---|---|---|---|
Essay | 2,000 words | 1-7 | Written/oral |
Summative Assessment
A summative assessment counts towards your mark for the module. The table below tells you what percentage of your mark will come from which type of assessment.
Coursework | Written exams | Practical exams |
---|---|---|
80 | 0 | 20 |
...and this table provides further details on the summative assessments for this module.
Form of assessment | % of credit | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
---|---|---|---|---|
Essay | 80 | 7500 words | 1-7 | Written/oral |
Small-group presentations | 20 | 15 min. per group | 1-7 | Written/oral |
0 | ||||
0 | ||||
0 | ||||
0 |
Re-assessment
Re-assessment takes place when the summative assessment has not been completed by the original deadline, and the student has been allowed to refer or defer it to a later date (this only happens following certain criteria and is always subject to exam board approval). For obvious reasons, re-assessments cannot be the same as the original assessment and so these alternatives are set. In cases where the form of assessment is the same, the content will nevertheless be different.
Original form of assessment | Form of re-assessment | ILOs re-assessed | Timescale for re-assessment |
---|---|---|---|
Essay | Essay (7,500 words) | 1-7 | August/September assessment period |
Small group presentation | Individual oral presentation (7 minutes) | 1-7 | Summer Term |