Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Importance of marine insurance
Importance of the shipping industry
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Importance of marine insurance
CHAPTER 1: INTRODUCTION
1.1 RESEARCH BACKGROUND
Marine insurance plays an important role in risk management service by providing individual protection against the risk of losses from the various perils. Besides, marine insurance is essential in the field of overseas and internal trade of a country. If there is no cover or protection by marine insurance the entire trade structure may bind to suffer. There are two types of marine insurance protection which are hull insurance and cargo insurance. Hull insurance covers the ships and the other machinery onboard ship. Meanwhile, cargo insurance provides insurance cover in respect of loss or damage to goods during transit by road, rail, air or sea. Hence, cargo insurance concerns about export and
…show more content…
The unpredictability in the shipping industry is driven by the freight rates, which is determined by the demand and supply in the shipping market. According to ( Elveness & Widiantoro, n.d.) factor that determines the price of shipping stock in the financial market is not always on freight rates. This trend becomes more appealing since the shipping industry has a claim about inefficiency in this market. The inefficiency here means that there is a possibility for some player to get the own benefit based on imperfectness of the shipping market information. Ghiorghe and Ana Maria (2010) also recommend that it is the fluctuation in the freight rates that create the risk in the shipping industry. In order to understand the fluctuations of the freight rates, one have to understand the economic mechanism. The freight rates are determined by the supply and …show more content…
Building rapport with the respondent is usually easiest in this setting. The interviewer asks each respondent the same series of questions. The questions are created prior to the interview, and often have a limited set of response categories. There is generally little room for variation in responses and there are few open-ended questions included in the interview guide. Questioning is standardized and the ordering and phrasing of the questions are kept consistent from interview to interview. The researcher plays a neutral role and acts casual and friendly, but does not insert their opinion in the
- DeLovio v. Boit (1815): Maritime insurance policies are within admiralty & maritime jurisdiction of US b/c maritime contracts include charter parties, affreightments, marine bonds, Ks for repairing, supplying & navigating ships, Ks between part owners – etc – AND insurance.
McClish, Mark. “Susan Smith” http://www.statementanalysis.com/susan-smith/ Advanced Interviewing Concepts. May 6, 2002. Web, Feb. 7, 2012
Interview Techniques: First start with informal and see what I can get out of them by just simply asking questions. When and if I get nowhere or become feeling like I am being lied to or
(Giroir, 2013). In this particular assignment, I am asked to interview a college graduate or
Interviewing is a procedure which recounts to a controlled situation in which one person asks a chain of questions to another person, relating to a specific field (Sommers-Flanagan and Sommers-Flanagan, 2008, p. 18). Interviewing skills are pivotal in making an interview more effective, as it is an overall judgement of candidate’s capabilities (Interviewing skills, 2002, p. 8). The process of Interviewing is divided into five phases i.e. Introduction, opening, body, closing, and termination (Sommers-Flanagan and Sommers-Flanagan, 2008, p. 144). According to Sommers-Flanagan and Sommers-Flanagan (2008, p. 145-154), introduction also named “initiation”, is the initial phase in which the interviewer explains his role, confidentiality policy, rules and regulations, and the purpose of the meeting. Also a person is put at ease and a short informal talk, develops a therapeutical relationship. Then the opening commences with the first question which is more about the person’s current concern (Sommers-Flanagan and Sommers-Flanagan, 2008, p. 154-160). The body or “exploration” phase is the main section of interview as major information regarding the ...
Interviews are very popular among most individuals especially researchers and scholars as they attempt to obtain information and data from an interviewee. However, there are many factors that influence the interview and which determines its success or failure. Often, the interviewer takes charge of the situation, and they have the sole responsibility of asking the questions while the interviewee provides an explanation or an answer to the question asked. As a result, an interview can be defined as a consultation or a discussion in person through which information and data are exchanged regarding a particular phenomenon event with the intention of establishing the interviewee’s position. It is easy to tell the mood and success of the interview
The purpose of research interviews is to explore the views, beliefs, and motives of individuals on a specific matter for example factors that influence their daily life. They also provide a clear understanding of social issues and an insight that is required from the participant (British dental journal, 2008).The many types of research interview in qualitative research namely are the structured, semi-structured, unstructured and in-depth interview. I will explain them further since they can be used to explore
During the analysis phase, the interviewer uses several techniques to observe and analyze the subject's behavior “to determine the subject's truthful and deceptive behaviors or at least to determine those areas most sensitive to the subject and, therefore, in need of further attention through verbal inquiry” (Walters 3). Walters describes four fundamental stages of the interview: (1) orientation, (2) narration, (3) cross-examination, and (4) resolution (Id. at 25-29).
An amazing assortment of goods are moved over the worlds ocean trade routes. Of necessity, the carriers charge for the service they render. These charges vary almost as widely as do the cargoes, for they mirror both the shipowner’s costs and the special conditions prevailing on the trade routes traversed by the ships. Ocean freight rates may be described as the prices charged for the services of water carriers. Each ship operator develops it’s own rates, usually without consultation with the shippers. The charges reflect the cost of providing the carriage, the value of this service to the owner of the goods, the ability of the merchandise to support the expense of transportation, and economic conditions in general. Freight rates truly reflect the working of the laws of supply and demand. In tramp shipping, particularly, it is possible to observe how these factors influence the rise or fall of freight rates from day to day and from cargo to cargo. Tramp ships transport, in shipload (or “full cargo”) lots, commodities which, like coal, grain, ore, and phosphate rock, can be moved in bulk. The fact that usually only one shipper and one commodity are involved simplifies the establishment of a freight rate for this particular movement. To the capital charges of ownership and the expense of administration and overhead must be added the cost of running the ship, handling the cargo, and paying port fees and harbor dues. Against this total is set the number of tons to be hauled, and the resultant figure is what the tramp must charge, per ton of cargo loaded, to break even on the contemplated voyage. If competitive conditions permit, a margin for profit will form part of the quoted rate. If however the prevailing economic climate is unfavorable, the owner has the privilege of retiring the ship to a quit backwater, there to wait until the financial skies are brighter. The tramp operator does not depend upon the longterm goodwill of the shippers, but is free to accept those offers which appear profitable at the moment. When adversity threatens, those charters are accepted which minimize anticipated losses. If there is a choice, the cost of temporary lay-up is contrasted with the loss which continued operation might produce, and the less expensive alternative is selected in a bow to the inevitable made with whatever grace that can be mustered.
This report provides an analysis and recommendation of current issues faced by Singapore-based Meli Marine, a leading container shipping company in the intra-Asian market, weather gain a presence in the Asia-North America trade routes through an acquisition of 16 vessels of Teeh-Sah Holdings. On the surface, this opportunity would expands Meli’s business and diversify it’s operations and provide a protect function against a downturn in intra-Asian market. But, this oppotunity will bring Meli lots of economic risks. It would return Meli to its former less flexible model with owning vessels also. I recommend that Meli giving up this opportunity and keeping going current excellent customer service then gradually into TransPacific
More than forty thousand merchant ships, and countless number of smaller coastal craft, ply world oceans which comprise nearly seventy percent of the earth’s surface. Each year approximately ten million containers of cargo, containing raw materials to finished goods are transported by seas. The ships are owned by different states, private companies or individuals and manned by mixture of seafarers from different countries, mixed together from various nationalities. These ships are perhaps the most autonomous entities on earth as rule of law allows frequent change of their allegiance or identity by choosing a flag to suit their requirement.
Conducting an interview is not as straightforward as it may seem. On paper the idea is that an interview is “‘a meeting of two persons to exchange information and ideas through questions and responses, resulting in communication and joint construction of meaning about a particular topic’” (Esterberg 2001:83). In the social sciences, being able to interview individuals allows the research to observe individual experiences, while also speaking to the broader sociological dynamics of a society. In Qualitative Methods in Social Research, Esterberg describes interviewing as a “relationship between two individuals…two individuals come together to try to create meaning about a particular topic. While participating in this relationship, they also draw
Maritime shipping has become one of the most important ways of commercial transport with the new markets and the increase into the world economies. At present more than 80% of world trade is conducted by sea . The Pacific historically has been one of the most active maritime trading grounds. Linking the American and Asian continents the majority of the world’s shipping passes through the seas of Southeast Asia, East Asia, and South Asia.
Marine Insurance is defined by section 7 of the Marine Insurance Act of 1909 as:
“CARRYING SOLID BULK CARGOES INVOLVES SERIOUS RISKS, WHICH MUST BE MANAGED CAREFULLY TO SAFEGUARD THE CREW AND SHIP” (LLOYD’S REGISTER)