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2003 HOUSTON MARINE INSURANCE SEMINAR

2003 HOUSTON MARINE INSURANCE SEMINAR-2025

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The 2003 Houston Marine Insurance Seminar, scheduled for September 21-23, focuses on marine and energy insurance topics, featuring industry experts and discussions on current market developments. The event includes networking opportunities, a cocktail party, and a luncheon with speaker Ray Miller. Registration costs $350 and includes meals; continuing education credits are being sought from various professional organizations.

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Is Ocean marine insurance the oldest form of insurance?

One of the oldest types of coverage in the world, the ocean marine insurance that we know today, was born in the 1600s out of merchants desire to protect themselves from the heavy losses they could face in an age when shipping was a very dangerous venture.

How to get a marine insurance policy?

The principle of insurable interest states that an individual must have an insurable interest in the insured property to obtain coverage. In marine insurance, an insurable interest means the policyholder must have a legal or financial interest in the cargo, vessel, or other transported property.

What are the three things involved in marine insurance?

These are freight insurance, ship or hull insurance, and cargo protection.

When did marine insurance begin?

True maritime insurance was invented in Genoa, Italy in the 14th century. Insurance pools were backed by pledges from landed estates. The insured paid premiums based on estimated risks. Between the 14th and 15th century maritime insurance was widely developed as were systems for estimating risk to calculate rates.

Is marine or fire insurance the oldest form of insurance?

Marine insurance is the oldest form of insurance known. Indeed, the institution of general average (q.v.), under which the participants in a maritime venture contribute to losses incurred by some for the benefit of all, may itself be looked on as a primitive form of self-insurance.

Is marine insurance mandatory?

As a general rule, global marine insurance isnt mandatory to operate a shipping vessel or ship goods across the sea. That being said, there are two Incoterms where the seller is required under contract to provide marine insurance for the buyer.

How long has marine insurance been around?

Modern marine insurance law originated in the Lex mercatoria (law merchant). In 1601, a specialized chamber of assurance separate from the other Courts was established in England. By the end of the seventeenth century, Londons growing importance as a centre for trade was increasing demand for marine insurance.

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