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).

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.

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.

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.

The party who acquires the whole of the carrying capacity of ship for the transportation of cargo or passengers in accordance with the agreement made with the shipowner.

Liability to/in respect of: third parties, including cargo owners; the shipowner; indemnity to owner for liability to third parties; general average and salvage (time charterers only). Insurance cover is available on a fixed premium basis and cover is limited to the amount the charterer would have been able to limit his liability had he been the shipowner. Shortfalls in cover may be arranged in P & I Clubs, a charterers’ club or in the London market.