## Lesson Plan: Marine Insurance (Senior Secondary 2)
### Subject: Insurance
### Topic: Marine Insurance II
### Duration: 60 minutes
### Objectives:
By the end of the lesson, students should be able to:
1. Understand the key components and types of marine insurance policies.
2. Identify the risks covered under marine insurance.
3. Explain the principles governing marine insurance.
### Materials Needed:
- Whiteboard and markers
- PowerPoint slides
- Handouts with key information
- Sample marine insurance policy documents
- Case studies for group discussions
### Lesson Outline:
#### I. Introduction (10 minutes)
1. **Hook**: Begin the class with a brief story or video clip of a real-life scenario where marine insurance was crucial (like a ship encountering a storm and experiencing damage).
2. **Review**: Briefly recap the basics of marine insurance covered in the previous lesson.
3. **Objectives**: Present the learning objectives for the session.
#### II. Lecture and Discussion (20 minutes)
1. **Types of Marine Insurance Policies**:
- Hull Insurance: Covers physical damage to the ship.
- Cargo Insurance: Covers the goods being transported.
- Freight Insurance: Protects the shipowner if the freight fee is not paid.
- Liability Insurance: Covers liabilities to third parties.
2. **Risks Covered**:
- Perils of the sea (e.g., storms, waves)
- Fire
- Theft and piracy
- Jettison (throwing cargo overboard to save the ship)
- Barratry (fraud by the ship's master or crew)
3. **Principles of Marine Insurance**:
- Utmost Good Faith: Full disclosure of all material facts.
- Insurable Interest: The policyholder must have a stake in the insured item.
- Indemnity: The policyholder should not profit from the insurance claim.
- Subrogation: The insurer has the right to pursue recoveries from third parties.
- Contribution: Multiple insurers share the cost of a claim.
- Proximate Cause: The most direct cause of loss will be considered.
#### III. Group Activity (15 minutes)
1. **Case Studies**:
- Divide students into small groups.
- Provide each group with a different case study involving a marine insurance scenario.
- Ask each group to identify the type of policy involved, the risk covered, and how the principles of marine insurance apply.
- Allow groups to discuss their findings and present to the class.
#### IV. Practical Application (10 minutes)
1. **Sample Policies**:
- Hand out excerpts from actual marine insurance policies.
- Guide students through reading and interpreting the clauses.
- Discuss key terms and conditions that are commonly found in these policies.
#### V. Q&A and Recap (5 minutes)
1. **Open Forum**:
- Allow students to ask questions or seek clarification on any points covered.
2. **Recap**:
- Summarize the key learnings of the lesson.
- Emphasize the importance of marine insurance in global trade and commerce.
#### VI. Assignment (After Class)
1. **Research Task**:
- Assign students to research a recent marine accident reported in the news and write a brief essay on how marine insurance would apply to the scenario, including the types of coverage and principles involved.
### Assessment:
- Participation in group activity and discussion.
- Clarity and understanding demonstrated in the Q&A session.
- Quality and depth of the research assignment.
### Conclusion:
Marine insurance plays a critical role in mitigating the financial risks associated with maritime activities. By understanding its components, risks covered, and underlying principles, students can appreciate the significance of marine insurance in ensuring the stability and security of global trade.