The Nordic Marine Insurance Plan Gets Updated

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The Nordic Marine Insurance Plan is a collaboration between The Nordic Association of Marine Insurers (Cefor), Danish Shipping, the Finnish Shipowners’ Association, the Norwegian Shipowners’ Association, and the Swedish Shipowners’ Association.

Nordic Marine Insurance Plan

The Plan is regularly updated every 4 years. The 2023 Version of the Nordic Plan was launched at the beginning of October 2022 and can be utilised immediately. Before highlighting the 2023 changes, it is valuable to summarise the key factors lying behind the Nordic Plan, and its accompanying explanatory text – the Commentary.

The Nordic Plan is a true collaboration between insurers and shipowners, and attempts are made by insurers to facilitate insurance solutions to avoid uninsured risk exposure. Marine cover is accordingly based upon the “all risks” concept.

The structure of the Plan is simple. Part One (Chapters 1-9) sets out the rules common to all types of insurance. Part two (Chapters 10 –13) deals specifically with hull insurance. Part three (Chapters 14-16) contain other insurances for ocean-gong vessels:

  • Chapter 14 deals with separate insurances against total loss, referred to as Hull Interest and Freight Interest in the terms of the Plan.
  • Chapter 15 deals with War cover. War cover under the Nordic Plan (unlike H&M) is based on named perils in common with other market covers and P&I risks. §2-8 expressly excludes war risks from the H&M cover, and §2-9 states the named war risks covered.
  • Chapter 16 deals with Loss of Hire insurance, and there is now a seamless cover available for repair costs and time lost as between H&M and LOH, irrespective of which conditions the H&M policy is based upon.

Read the updated version here.

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Source: Gard

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