The Nordic Marine Insurance Plan 2013, Version 2023

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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.

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 used immediately. Before outlining the changes for 2023, it is useful to summarize the key factors underlying the Nordic Plan and the 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 exposure to uninsured risks. Maritime coverage is thus based on the “all risks” concept.

The structure of the Plan is simple. The first part (Chapters 1 to 9) sets out the rules common to all types of insurance. The second part (chapters 10 to 13) deals specifically with hull insurance. Part Three (Chapters 14-16) contains further assurances for ocean-going vessels:
• Chapter 14 deals with separate insurances against total loss, called Hull Interest and Freight Interest in the terms of the Plan.
• Chapter 15 deals with war cover. War coverage under the Nordic plan (unlike H&M) is based on named risks in common with other market coverage and P&I risks. §2-8 expressly excludes war risks from H&M cover, and §2-9 indicates the named war risks covered.
• Chapter 16 deals with loss of employment insurance, and there is now transparent coverage for repair costs and lost time between H&M and LOH, regardless of the conditions on which the H&M policy is based.

The fourth part (chapters 17 to 21) deals with insurance for other types of ships and units and ships before operation
• Chapter 17 deals with fishing vessel insurance
• Chapter 18 deals with insurance for mobile offshore units
• Chapter 19 deals with Builder’s Risk
• Chapter 20 deals with the insurance of vessels holding a commercial certificate
• Chapter 21 deals with liability insurance
The Nordic claims officer role is extremely proactive, and while marine policies are individual composite insurances between the insured and each individual co-insurer, the claims officer has strong decision-making powers, which in some respects are still extended in the 2023 amendments, as it allows policyholders and their financiers to give certain notices only to the claims manager.

The Nordic Plan and the Commentary are designed to be read together, and the Commentary helps to understand how the clauses should be understood.
Source: GARD, https://www.gard.no/web/articles?documentId=34367309

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