A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Charter of Tramp Ships

Ad Hoc Charter : A one-off charter operated at the necessity of Charterer Demise Charter (Bare Boat Charter) : Here, only the ship without floating personnel, fuel. etc. is chartered on time charter basis. The charter has to equip the ship with floating personnel, fuel and other necessaries and operate the ship. Normally, a ship-owner or prospective ship-owner may prefer this method. Time Charter : The ships chartered for a specific period time. e.g. from 1st January to 21st December. Charterer may employ the ship in voyage according to his requirements. Voyage Charter : Ships are chartered for a specific voyage, etc. Normally traders prefer to go in for voyage charter.Charter Party : The contract between the owner of a ship and the individual or company chartering it. Among other specifications, the contract usually stipulated the exact obligations of the ship-owner (loading the goods, carrying the goods to a certain point, returning to the chartered with other goods, etc.); or it provides for an outright leasing of the vessel to the charterer, who then is responsible for his own loading and delivery. In either case, the charter party sets forth the exact conditions and requirements agreed upon by both sides.

Charter party

Contract between the owner of a vessel and the charterer. The contract covers, inter alia, the charterer’s responsibility for loss/damage to the vessel, duration of the agreement, freight rate and ports involved during the voyage(s).

Chartered freight

The freight payable by the charterer to the shipowner under the charter party whereby the vessel (or space therein) is hired for a voyage or period. See FREIGHT INSURANCE.
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The hire paid or payable to a ship owner for the use of the entire ship for a voyage or for a period.

Chartered Insurance Institute

The insurance industry’s professional educational body open to individuals wholly or mainly engaged in insurance. Examinations lead to the designations of Cert CII, Dip CII and ACII. Fellowship (FCII) is based on knowledge, experience and achievement. The chief objective is to promote efficiency and improvement in insurance practice. There are 90 local institutes in the UK with 50 affiliated institutes overseas. See SOCIETY OF FINANCIAL ADVISERS; DIPLOMA IN INSURANCE; ADVANCED DIPLOMA IN INSURANCE.
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The first Insurance Institute was formed in Manchester. In 1897 the various local institutes then existing formed a federation which later became a Unitary Body to which in 1912 a Royal Charter was granted under the name of the Chartered Insurance Institute. The Chartered Insurance Institute (also known as the CII) is a United Kingdom based professional organisation for those working in the insurance and financial services industries. The institute provides accreditation and professional qualifications to UK and international members. Designated qualifications include (in ascending level order): Cert CII, Dip CII, Advanced Dip CII (ACII-previously called Associate ship CII) and Fellowship CII (FCII). ACII and FCII accredited members are eligible to apply for election to Chartered Insurer status, which is based on experience in the insurance industry alongside these qualifications. These titles may be used by any person upon completion of the required level of qualification and confirmation from the institute.

Chartered titles

The CII offers Fellows and Associates Chartered Titles. A Chartered Insurer applies to members working for insurance companies and Lloyd’s underwriting agents. Chartered Insurance Practitioner applies to those working as intermediaries or loss adjusters, in trade or professional bodies and in other insurance-related occupations. Chartered Insurance Broker applies to members who are carrying on business as an insurance broker. Chartered titles are granted to individual qualified members and are not used as applying to firms, partnerships or corporate bodies.