Cover for intervention by state power in the nordic plan. Having already cooperated in the distribution of nmis delay insurance products to finnish ship owners since 20 in a coinsurance capacity, nmi and alandia recently announced an expansion of the cooperation through nmis representation of alandias hull. As of 1st january 20 the nordic marine insurance plan of 20 based on the norwegian marine insurance plan of 1996, version 2010. 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. Nordic marine insurance plan 20 mobile offshore units. Iumi global marine insurance report published september 2016 fleet data. The nordic marine insurance plan 20 recently entered into force. 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. Norwegian arbitration day 17 january 2019 choice of forum in. General swedish marine insurance plan of 1 january 2006. The nordic association of marine insurers cefor and the danish shipowners association, the finnish shipowners association.
Oct 01, 2018 version 2019 of the nordic marine insurance plan of 20 plan was approved by the five signatory parties to the nordic plan agreement and published 1 october 2018. The previous subclause 2 stated that the default choice of law for insurance contracts with a nonnordic claims leader was norwegian, but had no. Marine underwriting and reinsurance market trends jonathan ball october 2014 16 source. The nordic marine insurance plan of 20 underwriting. With corresponding amendments to the commentary 1 clause 14a. The war risk insurance offered by the association is covered on the basis of. We invest in our product development, knowledge and know how, as well as in our relationship with our customers. Nordic marine insurance plan app cefor has launched an app for the nordic marine insurance plan of 20.
The nordic marine insurance market became standardised on january 1 20, when the nordic marine insurance plan 20 entered into force. London and nordic marine insurance markets villagran. The nordic plan entered into force 1st of january 20. During the preparation of version 2010 of the 1996 plan, the standing revision committee has comprised the following persons. Gross premiums on all lines of marine insurers in the nordic countries as of 2018. Introduction in 20, the nordic marine insurance plan nmip was published, replacing the norwegian marine insurance plan of 1996. Norwegian arbitration day 17 january 2019 choice of forum. The term iwl is still in 20 frequently found in charter. Insurance and premium conditions 20 the standard dnk policy covers, on the basis of the nordic marine insurance plan of 20.
The nordic marine insurance market adapts to changing risks by keeping the plan constantly up to date. The plan is an agreed document of marine insurance conditions negotiated between the nordic shipowners associations and the nordic association of marine insurers cefor. Previous versions of the norwegian marine insurance plan of 1996 and the nordic marine insurance plan of 20 are also available from this website. Bohler in the norwegian shipowners association is head of the nordic shipowners delegation to the standing revision committee. The basis for the nordic marine insurance plan of 20 is the agreement of 3 november 2010 amended 9 december 2016 between. Strategy maritime opportunities blue growth for a green future. Haakon stang lund, legal counsel, norwegian hull club. There is no restriction, however, on the insurer and the policyholder. We can draw up a scope of work to achieve the right quotations and, if necessary, follow up by onsite management. 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. Our mission is to deliver insurance products and risk management services in line with the highest professional standards and industry requirements. This circular provides a simplified summary of the comprehensive war risk cover for 2016. Commentary to the nordic marine insurance plan of 20 version 2019.
Causation in hull insurance a comparison of english and nordic marine insurance jasm01 master thesis. The earlier versions of the norwegian marine insurance plans are also available. An introduction to the nordic marine insurance plan of 20. While the plan is largely based on its predecessor, some important changes have been introduced. 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. This article contrasts cover under the nordic plan and the institute time clauses hulls the itc and provides an overview of littleknown. While the contingent cover contained in the nordic marine insurance plan 20, chapter 8. In 20, the nordic marine insurance plan nmip was published, replacing the norwegian marine insurance plan of 1996.
The nordic plan is also available free of charge as an app from the following stores. Nordic marine insurance plan 20 and the commentary to it are used to illustrate the civil law solutions. 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. The nordic marine insurance plan of 20 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 between. Cefor nordic marine insurance statistics as of 30 june 20 decrease in insured values accelerates again. Cefor, the nordic association of marine insurers has produced a brochure providing an overview of the plan structure and the common rules. In the 19th century, lloyds and the institute of london underwriters a grouping of london company insurers developed between them standardized clauses for the use of marine insurance, and these have been maintained since. 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 nmip, and its commentary, are subject to regular revision in 3year cycles. The previous subclause 2 stated that the default choice of law for insurance contracts with a nonnordic claims leader was norwegian, but had. The plan is a comprehensive marine insurance regime based on the all risks principle, i. Munich re 2014 jan june 20 jan june average of the last 10 years 200420 jan june average of the last 30 years 198420 jan june number of.
The norwegian marine insurance plan of 1996, version 2002. Our independent marine surveyors offer assistance by any hull and machinery damages. London and nordic marine insurance markets villagran lara. The nordic marine insurance plan of 20, version 2016 is now available. Cefor logo cefor the nordic association of marine insurers p. Cefor nordic marine insurance statistics as of 30 june 20 decrease in insured values accelerates again by year of renewal insured value on renewal insured value previous underwriting year hull gross ultimate loss ratio. The norwegian marine insurance plan of 1996, version 2010. On the website of the nordic marine insurance plan of 20. The joint war committee comprises underwriting representatives from both the lloyds and iua company markets, representing the interests of those who write marine hull war business in the london market. The nordic marine insurance plan of 20, version 2016 nordicplan.
Feb 18, 2020 gross premiums on all lines of marine insurers in the nordic countries as of 2018. Legal regime of marine insurance in arctic shipping. Jan 22, 20 on the website of the nordic marine insurance plan of 20. Dnk offers war risk insurance on the basis of the nordic marine insurance plan of 20, version 2019. According to the apportionment principle it is possible to allocate the loss. Recently, the 2019 revision of the nmip was approved by all parties and the document officially published for use by insurance practitioners. May 22, 20 the nordic marine insurance plan 20 recently entered into force. 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. Abstract in marine insurance causation is a fundamental principle. The plan 20 was agreed on november 3 2010 by five signatory parties of the nordic plan agreement.
Clarkson research, lloyds list intelligence vessel values. 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. From 2010 most nordic markets use the norwegian marine insurance plan nmip o a nordic marine insurance plan was enforced. According to the agreement the plan is to be updated every 3 years, therefore the 2016 version is available. The nordic marine insurance plan of 20, version 2019 main amendments to the plan and commentary. The nordic marine insurance plan of 20, version 2019 based on the norwegian marine insurance plan of 1996, version 2010. The norwegian marine insurance plan of 1996, version 2003. Cefor, the nordic association of marine insurers has produced a. Introduction to the nordic marine insurance plan of 20. The norwegian marine insurance plan of 1996, version 2007. Causation defines if a loss falls under the insurance policy or if the loss is too remote to be considered under the insurance policy. The british columbia statute is the insurance marine act, rsbc 1996 c. The standard dnk policy covers, on the basis of the nordic marine insurance plan of 20, version 2016.
The war risk insurance offered by the association is covered on the basis of the nordic marine insurance plan of 20, version 2019. In this edition, we consider the implications of the recent english supreme court decision in the alexandros t, where the court ruled that an english settlement agreement should bring a. Cover for intervention by state power in the nordic plan from. 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 the plan is an agreed document of marine insurance conditions negotiated between the nordic shipowners associations and the nordic association of marine insurers cefor. It also deals with the cover provided by the various shipowner insurances and it describes in greater detail how the claims system of the plan works. Gross premiums on all lines of marine insurers in the nordic. Nordic marine insurance plan app norwegian hull club. International navigation limits inl sometimes referred to. The nordic marine insurance plan of 20, version 2016. About 112,000 people were employed in the maritime indus try in 20, and in the same period it has increased by. Meaning of marine insurance marineinsurance is a contract whereby the insurer undertakes to indemnify the assured, in manner and to the extent thereby by agreed, against marine losses, i. General swedish marine insurance plan of 1 january. Value of gross written insurance premiums in south africa 202015. The current plan, the nordic marine insurance plan 20, provides cover for all traditional marine.
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. Based on the norwegian marine insurance plan of 1996, version 2010. This act is modelled on the english marine insurance act of 1906. Access the plan and commentary to the plan online dnk offers war risk insurance on the basis of the nordic marine insurance plan of 20, version 2019. Causation in hull insurance a comparison of english and. The nordic marine insurance plan hereinafter the plan is not just a set of hull conditions. Value of gross written insurance premiums in south africa 20 2015. These amendments will better facilitate use of the plan in other nordic countries, as well as in the international market. An important part of the revision has been to the cover for intervention by state power. Marine insurance law forsiden universitetet i oslo. May 28, 2014 nordic marine insurance plan app cefor has launched an app for the nordic marine insurance plan of 20. Causation in hull insurance a comparison of english and nordic marine insurance johansson, helen lu jurm02 201 department of law. The nordic marine insurance plan of 20, version 2019. The plan will no doubt provide greater certainty to both insurers and assureds as to the extent of insurance.
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