TABLE OF CONTENTS 



Page 



Preface iii 



SUMMARY OF CONCLUSIONS AND RECOMMENDATIONS 1 



CHAPTER I - INTRODUCTION 15 



CHAPTER II - THE OWNER'S DILEI-MA: TO CARRY OR NOT TO 



CARRY INSURANCE ON HIS VES3EL -- 19 



A. Extent of Insurance and Noninsurance 19 



B. Reasons for Insurance or Noninsurance 23 



C. Summary and Conclusions kl 



CHAPTER III - THE COST OF INSURANCE PROTECTION AND LOSS 



EXPERIENCE OF INSURERS ^7 



A. Definitions and Measurement of Insurance 



Cost hj 



B. Hull Insurance kQ 



C. Protection and Indemnity Insurance 53 



D. Further Remarks on Insurance Cost 5^ 



E. The Loss Experience of Insurers 5^ 



F. Summary and Conclusions 6o 



CHAPTER IV - THE RECORD OF ACCIDENTS UNDER HULL AND 



PROTECTION AND INDEl^IITY INSURANCE - 63 



A. Hull Insurance Accidents 63 



B. Claims Under Protection and Indemnity 



Insurance 69 



C. l-lhat Lies Behind Accident Occurrence 7^ 



D. Summary and Conclusions 79 



CHAPTER V - THE COMvffiRCIAL FISHING VESSEL AS AN 



INSURABLE RISK 83 



A. The Commercial Fishing Industry 83 



B. Vessels and the Selection of Insurable Risks 87 



C. The Insurance Problem and Business Outlook - 99 



D. The Protection and Indemnity Insurance 



Problem IO6 



E. Summary and Conclusions 111 



CHAPTER VI - INSURANCE RATING AND PRACTICES AND THEIR 



EFFECT ON LOSS EXPERIENCE 113 



A. Rating and Cost of Hull and Protection and 



Indemnity Insurance 113 



B. The Effect of the Law of Averages and 



Competition on the Revenue of Insurers 12^1- 



C. Factors Affecting Expenses and Loss Payments 



of Insurers 13^ 



D. Summary and Conclusions 14^4- 



