I.A.(MR) case studies
I.A.(MR) · Put your knowledge to work in context.
I.A.(MR) is the Marine stream of the Insurance Institute of India's Associateship professional examination, listed on the Institute's site alongside the Licentiate and Fellowship tiers. It is aimed at insurance professionals who already hold the Licentiate level and want a recognised, advanced qualification specialising in marine business - underwriters, claims handlers, surveyors, brokers and loss assessors working on cargo and hull risks. The I.A.(MR) case studies are 5 cases and about 3,038 words.
1The Rusted Coil Line: Betterment or Insured Peril?
A steel fabricator's coil slitting line suffered a breakdown when a bearing seized, scoring two drive shafts and contaminating the hydraulic circuit with metal particles. The policy is an engineering breakdown cover with a sum insured of INR 42 million on the plant.
619 words, about 3 min2Cargo of Frozen Shrimp: Temperature Excursion on a Feeder
A consignment of 40 tonnes of frozen shrimp, CIF value USD 620,000, moves from a Thai port to Nhava Sheva via a transhipment at Colombo. The marine cargo policy is on Institute Cargo Clauses (A) with a temperature-variation clause requiring the cargo to be carried in a mechanically refrigerated container at -18°C or below.
665 words, about 3 min3Hull Grounding: Sue and Labour Versus Particular Average
A 12,000 DWT general cargo vessel grounds on a sandbank outside a port approach. The master refloats using engine power and the ship proceeds to the nearest port for inspection.
552 words, about 3 min4The Missing Bill of Lading: Cargo Claim Against the Insurer
A consignee receives 500 cartons of consumer electronics at Nhava Sheva against a marine cargo policy on ICC(A). On de-stuffing, 40 cartons are found crushed and 25 cartons are missing from the container, which was sealed at origin and arrived with an intact seal.
608 words, about 3 min5Reinsurance Recovery: Proportionality and the Survey Clause
A hull claim of USD 2,400,000 is settled by the primary insurer. The primary has a quota-share facultative arrangement ceding 40% of the risk to a reinsurer, and a surplus treaty above that.
594 words, about 3 min