Norwegian Plan updated for 2010
The Nordic Association of Marine Insurers (Cefor) has now released the 2010 version of the Norwegian Marine Insurance Plan (NMIP) updating their 2007 version. Whilst there would not appear to be any fundamental changes, owners may wish to be aware of the following.
Cefor has sought to clarify the relationship between the NMIP and the International Group P&I cover, specifically in relation to piracy risks under Chapter 15.
Clauses 15-20 make it clear that the war cover provided by Chapter 15 is seamless in relation to the war exclusion clauses used by the International Group of P&I Clubs.
Furthermore, Clauses 15-22 make it clear that the cover provided by P&I clubs is always subsidiary to the war cover provided by Chapter 15.
As Cefor has stated, this is important in relation to piracy, which is a war peril under the Plan but a marine peril under International Group P&I Cover, and means that all piracy-related losses will be covered by the Chapter 15 Insurer.
P&I Club cover is now per Gard’s Rules, not Skuld’s, in the event that the owner has cover with a non-International Group Club.
Collision cover under the NMIP no longer includes liability for damage to coral reefs, which the NMIP clarifies is more traditionally a P&I risk.
We anticipate that the NMIP 2010 will become standard for each renewal or new business led by the Norwegian market currently on NMIP 2007 terms.
Thank you to Cefor for the explanatory notes – further information can be obtained from your usual contact at FP Marine Risks.
19 February 2014
Article from Voice of the Independent, February 2014. Read more.
22 January 2014
Article from Voice of the Independent, January 2014. Read more.
9 December 2013
The Club decided that a general increase of 10% on the Annual Call rates for 2014/2015 Policy Year for both P&I and FD&D is required.
15 November 2013
21 February 2014
According to the FAO November 2013 Food Outlook Report, aquaculture, growing at 5-6% annually, continues to boost overall fish supply. As the global average fish consumption per capita, estimated at 19.7kg/yr continues to grow, aquaculture is expected to soon overtake capture fisheries as the main source of supply for direct human consumption.
17 February 2014
Sydney, 14 February 2014 – FP Marine Risks, specialist marine insurance brokers, today announced the appointment of Rupert Morton to the new role of Head of Reinsurance for Australia, New Zealand and the Pacific.
26 March 2009
26 November 2008