This is the first in a series of educational games being developed by Hughes Consultancy and Research Ltd. The purpose of the educational game series is to simulate real life decision making in a number of environments. A common theme involves professional people taking educated risks. Early versions will be developed with players working from one workstation. It is hoped to diversify into web based games where players can participate remotely.
Current intentions in the series are:
- Ship Insurance (Edward Lloyd’s Coffeehouse 1764)
- Property Damage Insurance in the context of crude oil exploration and production, and crude oil refining.
- Property Damage, Business Interruption and Liability Insurance in the context of chemicals manufacture.
- Design and Operational Decision making (crude oil refineries, mining )
The games are intended to be suitable as a training aid, as well as for the general enjoyment of those already familiar with the businesses involved.
If you like the concept, and have a suggestion for a game, please write to:
Trevor at the following e-mail : trevor@trevorhughes.co.uk
This first game is a simulation of Ship Insurance. It is based on the early beginnings of the insurance industry, when Edward Lloyd ran a coffee shop in London on the banks of the river Thames.
In this Basic Level there is just three Underwriters, and eight Ships and Ship Owners. One of the Underwriters is you – the player. The other Underwriters are computer players.
More advanced levels will include multiple Underwriters, Ship Owners with fleets of ships, and further development of the insurance market concept.
The ships operate between various North Atlantic ports receiving revenue for the goods transported. During the journey there are several insurable perils: damage and even shipwreck due to hurricanes, storms, rocks, pirates, fog, icebergs, etc.
The ship owners are interested to insure against losses, and send their representatives (insurance brokers) to the Edward Lloyd’s Coffeehouse to negotiate premiums. You, the player, play the part of one of the insurers. What premium are you going to propose, and will you be prepared to negotiate. Beware – there are other insurers representatives in the Coffeehouse!
