Cefor, the nordic association of marine insurers has produced a brochure providing. Comparative analysis between institute clauses under english marine insurance law and practice and nordic marine insurance plan nmip. Nordic marine insurance plan allocation between marine. The plan is a comprehensive marine insurance regime based on the all risks principle, i. While the plan is largely based on its predecessor, some important changes have been introduced. An introduction brochure for the nordic marine insurance plan of 20, including also the new version 2016 amendments, is now available. Common rules for separate insurances against total loss. The nmip, and its commentary, are subject to regular revision in 3year cycles.
According to the agreement the plan is to be updated every 3 years, therefore the 2016 version is available. This foreword covers work on the norwegian marine insurance plan of 1996, version 2010. The nordic marine insurance plan of 20, version 2019. Based on the norwegian marine insurance plan of 1996, version 2010.
Nordic marine insurance network has become a conduit to place insurance competitively within the region, and will soon open up for other producers to use, in their marketing efforts in the nordic countries. On the website of the nordic marine insurance plan of 20. Insurance against loss of longterm freight income freight interest insurance clause 143. The standard dnk policy covers, on the basis of the nordic marine insurance plan of 20, version 2016. Clarkson research, lloyds list intelligence vessel values. London and nordic marine insurance markets villagran lara. While the contingent cover contained in the nordic marine insurance plan 20, chapter 8. May 22, 20 the nordic marine insurance plan 20 recently entered into force. A comparative analysis in relation to marine insurance cover. Insurable interest, insurable value and the sum insured np. The second edition of the handbook was based upon the norwegian marine insurance plan of 1996 version 2007. Limitations on the right to effect separate insurances against total loss.
Introduction to the nordic marine insurance plan of 20, version 2016. Introduction to the nordic marine insurance plan of 20. The norwegian marine insurance plan of 1996, version 2010. During the preparation of version 2010 of the 1996 plan, the standing revision committee has comprised the following persons. These amendments will better facilitate use of the plan in other nordic countries, as well as in the international market. Our team focuses on commercial marine insurance and have well established relationships with our insurers. Marine insurance plan of 20 the nordic plan is generally considered to be a proassured insurance regime providing fuller protection and wider coverage than other forms of marine insurance. With regard to work on the 1996 plan itself and on the 1997, 1999, 2002, 2003 and 2007 versions, reference is made to earlier prefaces. An introduction to the nordic marine insurance plan of 20, version 2016.
Insurance contract act from around 1930ies some rudimentary rules on marine insurance current nordic acts from 1989 norway, 1994 finland and 2005 sweden. Introduction the nordic marine insurance plan of 20 is an important step in the developmentof the norwegian marine insurance plan of 1996 which in turn has its roots back to the first plan of 1867. Legal regime of marine insurance in arctic shipping. Commentary to the nordic marine insurance plan of 20 version 2019 commentary to part 1 chapters 19 nordic plan 20 version. The plan is an agreed document of marine insurance conditions negotiated between the nordic shipowners associations and the nordic association of marine insurers. Jurisdiction and choice of law if insurance based on this plan is effected with a nordic claims leader, it is agreed that legal proceedings against the claims leader concerning any matter, dispute or disagreement of any kind which may arise during or in connection with or which in. The previous subclause 2 stated that the default choice of law for insurance contracts with a non nordic claims leader was norwegian, but had no.
This ambition has resulted in two previous editions of the handbook on loss of hire insurance 1999 and 2008. General swedish marine insurance plan of 1 january 2006 these conditions have been approved by the swedish association of marine underwriters and the swedish club and are only intended as guidance. To secure an early copy of version 2016 of the nordic marine insurance plan delivered directly from the printers in october, preordering is now possible through the plans website. Cover for intervention by state power in the nordic plan from. A number of major changes have been proposed including. Jan 23, 2010 marine insurance market lloyds, a corporate established in london, is the biggest centre for marine insurance in the world lloyds was a coffee house frequented by the tradesmen, ship owners and others the coffee house became the meeting ground for. Version 2019 of the nordic marine insurance plan of 20 plan was approved by. The nordic marine insurance plan of 20 norwegian hull club.
The nordic marine insurance plan of 20, version 2019 main amendments to the plan and commentary. The plan was approved and available on 20 and the result was the nordic marine insurance plan of 20 based on the norwegian marine insurance plan of 1996, version 2010. Insurance of registered ships, c insurance of cargo under an international transport. The nordic marine insurance plan of 20, version 2016 nordicplan.
Marine insurance syllabus shipowners, operators and managers thoroughly understand the reasons for and application of marine insurance in shipping business. Cefor, the nordic association of marine insurers has produced a brochure providing an overview of the plan structure and the common rules. The nordic plan is also available free of charge as an app from the following stores. This article contrasts cover under the nordic plan and the institute time clauses hulls the itc and provides an overview of littleknown. The nordic marine insurance plan of 20 underwriting. The nordic marine insurance plan of 20, version 2016 is now available. Feb 18, 2020 it can be seen that marine insurers in the nordic countries in europe received over 937 million u. Standard clauses with subject matter that is dealt with in an equivalent or similar manner by the nordic plan. Norwegian hull club publish a new version of the handbook on. There is no restriction, however, on the insurer and the policyholder agreeing on other conditions. The nordic marine insurance plan 20 np version 2016 has been revised and published in a new version 2019, which will apply from january 2019. With corresponding amendments to the commentary 1 the term policy is replaced with the term insurance contract in the text and the commentary where the term is referring to the whole insurance contract and not. We specialise in commercial marine insurance, providing insurance solutions to the uk marine industry. The nordic marine insurance plan of 20 marine underwriting.
Jul, 2017 the greater part worldwide of the loss of hire insurance policies is written on nordic insurance conditions. Insurance of additional costs in connection with rebuilding andor building of a new subjectmatter insured. Dtvads still do not play a significant role in the market. Insurance against total loss and excess collision liability hull interest insurance clause 142. An introduction to the nordic marine insurance plan of 20. General swedish marine insurance plan of 1 january 2006. With corresponding amendments to the commentary 1 clause 14a. Costs of particular measures taken to avert or minimise loss 158 section 3 liability of the assured to third parties 160 clause 4. Commentary to the nordic marine insurance plan of 20 version 2019 commentary to part 1 chapters 19 nordic plan 20 version 2019 commentary to part 2 chapters 10 nordic plan 20 version 2019 commentary to part 3 chapters 1416 nordic plan 20 version 2019 commentary to part 4 chapters 1721 nordic plan 20 version 2019. Nordic marine insurance ltd nmi and forsakringsaktiebolaget alandia alandia have signed an agreement, whereby alandia acquires 44.
Nordic marine insurance plan 20 mobile offshore units. This circular provides a simplified summary of the comprehensive war risk cover for 2016. From marinas and boatyard to one man and a van repairing boats, we will give you options on your insurance requirements. Jan 22, 20 on the website of the nordic marine insurance plan of 20. The nordic marine insurance plan of 20, version 2019 based on the norwegian marine insurance plan of 1996, version 2010. The basis for the nordic marine insurance plan of 20 is the agreement of 3 november 2010 amended 9 december 2016 between. Mar 06, 2018 there is evidence of insurancelike risktransfer agreements from amsterdam in 1598, antwerp in 1555, and barcelona in 1484. The plan will no doubt provide greater certainty to both insurers and assureds as to the extent of insurance. Nordic marine insurance plan 20 version 2016 commentary 4 clause 412. Insurance of the yards liability for the buyers interest claim for instalments paid.
To figure whether you should buy a marine policy, see who can purchase marine insurance case on the need of marine insurance. Recently, the 2019 revision of the nmip was approved by all parties and the document officially published for use by insurance practitioners. We create and promote good relations and short ways of communication between the ultimate client and the insurance market. The earlier versions of the norwegian marine insurance plans are also available. The nordic marine insurance plan of 20, version 2016. Dnk offers war risk insurance on the basis of the nordic marine insurance plan of 20, version 2019. New version 2016 of the nordic marine insurance plan.
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