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.
The Plan is regularly updated every four years.
The 2023 Version of the Nordic Plan was launched at the beginning of October 2022.
The Nordic Plan is a collaboration between insurers and shipowners. Insurers attempt to facilitate insurance solutions to avoid uninsured risk exposure. Marine cover is accordingly based upon the “all risks” concept.
The signatory parties are:
- Cefor
- Danish Shipping
- The Finnish Shipowners’ Association
- The Norwegian Shipowners’ Association
- The Swedish Shipowners’ Association
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-going 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.
Part Four (chapters 17-21) deals with insurances for other types of vessels and units and vessels before operation
Chapter 17 deals with insurance for fishing vessels
Chapter 18 deals with insurance for Mobile offshore units
Chapter 19 deals with builders’ risk insurance
Chapter 20 deals with insurance for vessels with trading certificates
Chapter 21 deals with liability insurance