IUMI Online Cargo Tutorial
Non member: €880.00
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The IUMI online cargo tutorial is tailored specifically for intermediate level cargo underwriters who wish to deepen their knowledge and expertise in cargo insurance. The programme is also suitable for maritime professionals with an interest in marine insurance such as surveyors and maritime lawyers. Students can start the self-paced learning programme at any point in time. We are proud to announce that this course is Continuing Professional Development (CPD) certified. CPD is the term used to describe the learning activities professionals engage in to develop and enhance their skills and abilities. Students can request a certificate upon completion of this online course to request accreditation from their national professional development schemes. We certify 23 hours for this Cargo tutorial.
The online tutorial consists of eleven modules, all set up in an engaging and interactive fashion:
1. Introduction to international trade
2. Particular average and sue and labour
3. General average and salvage
5. War and strikes
6. Duration provisions
8. Stock throughput
9. Project cargo
10. Additional clauses (added by broker or underwriter)
11. Trade clauses
To get a better understanding of how the online tutorial works in practice you can check out this free trial of module 1: "Introduction to International Trade"
Level of experience the tutorial is aimed for
The way the online course has been set up, it is suitable for young underwriters who are new in the industry and who have no knowledge at all. Ideally, they use the student activities in particular to gain greater knowledge of their own business.
Individuals who will gain most from the cargo tutorial are those who have approx. 3-5 years experience and have had some exposure to the book of business that their insurer is writing. For them the opportunity to ask questions and think about what they are actually seeing and doing within their own organisation will be greater and they will derive a different benefit overall through application and reinforcement of knowledge as well as merely gaining knowledge afresh.
The tutorial can also be viewed as a relevant source of information even for senior underwriters who wish a brief refresh on a single topic such as stock throughput or trade clauses, etc.
Exam & bursary for WMU postgrad diploma
Students can choose to take an examination at the end of the eleven modules. Given the rigour of the qualification, candidates are advised to thoroughly work through all tutorial modules prior to the exam and to study about 75 hours to be sufficiently prepared. An additional fee of EUR 90.00 will be charged to students who wish to sit the exam. Candidates who choose to take the exam and who pass it will be awarded a certificate from IUMI which includes their score. The pass mark for the exam is 65%. Students achieving 90% or higher are awarded a certificate with distinction. The exam is an online examination which will be remotely invigilated by an exam supervisor and a webcam is required to sit the exam. The exam can be taken quarterly in March, June, September and December. Candidates who sucessfully pass the exam are invited to apply for an IUMI bursary worth US$ 8,750 for the Marine Insurance Law & Practice Postgraduate Diploma offered by the World Maritime University.
The exam license must be purchased two weeks prior the exam date.
Reduced fee for IUMI members
IUMI members will be granted the lower fee of EUR 550.00 when they register on the IUMI Shop and choose their respective membership category. IUMI members are:
- Employees of insurance companies who are a member of one of IUMI's national insurance associations
- Employees of IUMI Professional Partners (IPPs)
- Employees of IUMI Affiliates
When you register in the IUMI Shop for the first time, you will need to create a personal account linked to your individual email address. Please note that the login details provided by your member association for the IUMI website cannot be used for the IUMI Shop.
On completion of these modules you will be able to:
- Explain how the business of international trade is conducted based on the Incoterms® rules.
- Explain the purpose of different types of placement such as open covers, master and local policies.
- Describe the different subject matters of a typical cargo insurance and analyse particular aspects of risk in relation to them.
- Explain the cover and exclusions under typical cargo transit policies and discuss the differences between various policy forms.
- Describe the concepts of Salvage and General Average and how insurers assist the clients with these exposures.
- Explain the cover and exclusions under war and strikes policies and how the duration of a war policy differs from the marine forms.
- Analyse typical additional clauses which can be suggested either by insurers or brokers/insured.
- Explain the purpose of the trade clauses and analyse for which situations they might be appropriate.
- Discuss how cargo claims are handled and adjusted and analyse how recoveries can be obtained.
- Explain stock throughput insurance and how it differs from pure transit insurance.
- Explain project cargo insurance and how it differs from pure transit insurance.