Maritime Department

Master of Science (MSc) in Chartering and Law of Marine Insurance

Key Feature

Code                              MMSC209

Modules                        16

Duration                       16 months

Registration                 Any time
Teaching                       Distance learning
Credits                           96

Tuition Fees                 $6,500

The Master of Science (MSc) in Chartering and Law of Marine Insurance is a comprehensive program that covers a wide range of topics related to maritime jobs, shipping terminology, charter parties, laytime, time charter, worldscale, marine insurance, and more. This program includes practical labs and assignments, culminating in a dissertation. It is designed to provide a solid understanding of the principles and practices of chartering and marine insurance law, providing students with the skills and knowledge to excel in the maritime industry.

The primary objectives of this MSc program are to:

  • Provide a deep understanding of the different aspects of chartering and marine insurance law.
  • Enhance students’ knowledge about the intricacies of charter parties, laytime, and time charter contracts.
  • Equip students with the skills to interpret and apply maritime and shipping terminology and understand the various types of ships and their roles.
  • Familiarize students with the principles and practices of marine insurance, including the Marine Insurance Act 1906, the concept of insurable interest, and the principles of indemnity and subrogation.
  • Develop students’ practical skills through simulations and assignments, preparing them for real-world scenarios in the maritime industry.

    Learning Outcomes
    Upon successful completion of the MSc in Chartering and Law of Marine Insurance, students will be able to:

    • Comprehend and apply maritime and shipping terminology.
    • Understand the roles and responsibilities in a shipowning company and the operation of associated organizations like the Baltic Exchange.
    • Analyze and interpret charter parties, laytime, and time charter contracts.
    • Understand the intricacies of marine insurance laws, principles, and practices.
    • Conduct simulations on voyage and time charter, including negotiations, fixture, and follow up.
    • Understand and interpret the functions of the bill of lading and various maritime rules.
    • Conduct a comprehensive voyage estimation and understand the principles of marine risk and negligence.
    • Understand the role and operations of Protection & Indemnity (P&I) clubs, and the principles of Civil Liability Convention (CLC) and Fund Convention.
    • Conduct independent research and produce a high-quality dissertation on a relevant topic in chartering and marine insurance law.

    Module 1
    • Shipowning company’s Departments & Maritime jobs, Part 1
    • Maritime jobs, Part 2
    • Nautical terminology
    • Shipping terminology, Ship’s tonnage (weight, displacement, capacity)

    Module 2
    • Types of ships, Part 1
    • Types of Ships, Part 2, Ship’s Demolition
    • Shipbrokers and Agents
    • The Baltic Exchange – Associated Shipping Organizations

    Module 3
    • Voyage Charter Party 1: Wording and clauses of the charter party, Printed text, Riders, Addendum, Main bodies issuing charter parties
    • Voyage Charter Party 2: Vessel’s Description, Loading/Discharging (place, cost), Freight, Notice of Readiness, Time counting
    • Voyage Charter Party 3: Clauses of a charter party (general average, exceptions, war risk, arbitration clause, commissions, etc. …)
    • Laytime 1: The concept of laytime, Statement of facts, Duration of laytime, Commencement of laytime

    Module 4
    • Laytime 2: Interruption of laytime (weekends/holidays, shifting, strikes, breakdowns), Cessation, Calculation of laytime, Demurrage, Damages for detention
    • Laytime 3: Dispatch (on working time saved and all time saved), Average and reversible laytime, Tanker laytime
    • Time Charter 1: Time charter and Time charter trip, The vessel (cargo capacity, speed and bunker consumption, ship’s fouling, dry docking-maintenance), The trade (geographical limits, safe ports), The cargo (restrictions and exclusions of cargoes), The period, Delivery and redelivery
    • Time Charter 2: The payment of hire, Off-hire, Allocation of costs (Master’s position, customary assistance, costs for shipowners’ and charterers’ account), Cargo liability of shipowners and charterers, Damage to the vessel

    Module 5
    • Worldscale, Use of Worldscale (example). Tankering Terminology: Crude Oil Washing (COW), Inert Gas System (IGS), Segregated ballast Tanks (SBT), Single Point Mooring (SPM), Dynamic Position (DP)
    • Crude Oil and its Transport, Crude Oil Exporters, Tanker Chartering
    • Cargo order – Ship’s position, Shipbrokers, Chartering Abbreviations
    • Chartering Procedure: Chartering negotiations (offers – counter offers, business “clean fixed”)

    Module 6
    • Bills of lading: The functions of the Bill of Lading, Types of Bill of Lading, Electronic Bill of Lading
    • Hague Rules, Hague/Visby Rules, Differences between Hague Rules and Hague/Visby Rules, Carriers’ and Shippers’ responsibilities, Case studies, Hamburg Rules, Rotterdam Rules
    • Voyage Estimation

    Module 7
    • Drawing of charter parties, Dry cargo, Liquid cargo
    • Lab 1- Assignment. Simulation on voyage charter: Cargo order of voyage charter, firm offer/counter offer, negotiations, fixture, drawing of charter parties, follow up of fixture.
    • Lab 2 – assignment. Simulation on time charter: Time charter order, firm/counter offer, negotiations, fixture, drawing of charter parties, follow up of fixture

    Module 8
    • The history of marine insurance
    • Marine Insurance Terminology
    • Marine Insurance Act 1906, the London Underwriters
    • Contract of indemnity, Subrogation
    Module 9
    • Insurable interest, Mortgagor and Mortgagee, Insurer
    • Subject matter insured: ship, goods, movables, freight, profit, disbursements
    • Time policy, navigation and continuation clause
    • Voyage policy, Valued and unvalued policies, Insurable value

    Module 10
    • Utmost good faith, Disclosure and representations, the premium
    • Warranties, General principles, Express warranties, Construction of warranties
    • Implied warranties, seaworthiness, cargoworthiness, warranty of legality
    • The proximate clause

    Module 11
    • Marine risks, negligence, barratry, unseaworthiness, non-delivery clause, piracy
    • Excluded losses, wilful misconduct of the assured, Delay, Inherent vice
    • The Inchmaree clause, Bursting of boilers, Negligence of master, crew, repairers, Barratry
    • 3/4ths Collision liability, The principle of cross-liabilities, The sister clause

    Module 12
    • War and strike risks, locked-out workmen
    • Total loss, Actual total loss (ship, cargo, freight), Constructive total loss (damage to ship and goods)
    • Particular average loss and general average loss
    • Salvage, LOF, General average, Sue and labour, assured and their servants or agents

    Module 13
    • P&I Clubs
    • Civil Liability Convention (CLC), Fund Convention
    • Wreck removal

    Modules 11-13
    Dissertation, 15,000 words

    Module 14-16
    Dissertation, 15,000 words

    Entry Requirements

    Bachelor of Science (BSc) or other Higher Education degree, or experienced professionals.

    English language: GCSE English Language grade 4/C – IB grade 4 Higher Level. If your first language is not English, you will need an IELTS of 6.0 overall, with 5.5 in each component, or a related certificate of English language course. Proficiency or Lower Certificate in English, or good writing and communication skills in English (at the discretion of the Committee).

    Basic Information Technology skills.

    Inspire your future
    Study from any place Worldwide

    No limits in education

    Straightforward way of teaching


    Worldwide telematic study. No need to attend physically in the class. You watch the lectures in video form, any time you would like and many times as you need. The speech of every video lecture is written in text form, by including the figures and the highlights of the lecture. You interact with the lecturers and tutors in electronic form.

    Watch Videolectures


    Assignment & Project


    Final viva (live video)


    Get your Degree awarded


    Career - Maritime Jobs

    Academic staff consisting of professionals with significant career at sea and generally in the shipping industry, being in collaboration with special academic personnel highly expertize in business and the international maritime affairs. Below are the maritime jobs, that our courses prepare you.


    Our students, regardless their professional origin and their academic level, acquire the necessary knowledge which gives them the opportunity to get an outstanding job position in shipping and rise to the highest levels of the maritime industry.  

    Ready to get started?
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    New York, NY
    10005, USA
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    Courses in Physics
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    Registration No: 25227 IBC 2018, Orion University Ltd,
    Saint Vincent & the Grenadines, Central America.

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