Nordic LoH

Innovative conventional LoH insurance with a standard deductible of 7 days

Consistent with our drive to innovate, 2024 saw the launch of NORDIC LoH, a conventional Loss of Hire cover with a 7 days’ deductible!

  • NORDIC LoH covers delays when a ship sustains physical damage to the vessel recoverable under the underlying H&M cover.

  • NORDIC LoH is a standalone policy written on 100% basis with Nordic Marine backed by A-rated capacity.

  • NORDIC LoH is fully managed by our underwriting and claims handling team, with Claims’ handling done in-house and in co-operation with Albatross Adjusters Limited, Cyprus.

  • NORDIC LoH is exclusively provided by Nordic Marine.

  • NORDIC LoH is the natural evolution following the 2023 launch of NORDIC PLoE-H&M and reflects Nordic Marine’s dedicated and innovative approach to work in unexplored areas and develop and deliver tangible solutions at cost and work efficient terms.

Download Nordic Loss of Hire”

Combining niche and mainstream covers to create hybrid solutions for first class performers is Nordic’s playfield and unique trademark :

« We are not one of the many »

KEY FEATURES :

NORDIC LoH responds when a ship sustains physical damage to the vessel recoverable under the underlying H&M cover, for example :

  • Stranding or grounding of the vessel, collision with another ship, striking any fixed or floating objects

  • Fire or explosion aboard the insured ship, her cargo, stores and/or bunkers

  • Damage or breakdown of or in machinery aboard the insured ship, including electrical machinery, propellers and shafts, and boilers

NORDIC LoH is based on the Nordic Marine Insurance Plan, Part one and Chapter 16.

  • It is proposed with a Standard minimum deductible of 7 days

  • It is proposed with a Standard Indemnity days of 60 or 90 days per event

  • In other words, 7/60/60 or 7/90/90

Other terms can be considered.

Exclusions ONLY to apply to Primary Layer of 7 days’ cover in excess of 7 days’ deductible :

  • Delays commencing more than 90 days after the first occurrence or commencement of the event unless otherwise agreed by Underwriters

  • Delays following damages discovered during drydocking

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In the above instances a 14 days deductible to apply.

Nordic will write 100% share backed by A-Rated security.

Claims’ handling will be done in-house and in co-operation with Albatross Adjusters Limited, Cyprus.

Nordic Marine also provide :

  • NORDIC Hull
    Comprehensive H&M, LoH, IV and FI insurance, solely on follow basis, via an MGA setup backed by A-rated capacity and managed by Nordic Marine’s experienced and recognised underwriting and claims handling team. (Nordic Hull).

  • NORDIC PLoE-H&M
    A unique standalone policy that covers delays that are or would be covered under an Assured’s mainstream H&M policy, up to 14 days, i.e. : the usual minimum deductible for conventional LoH (Nordic PLoE-H&M).

  • NORDIC PLoE-P&I
    A unique standalone policy that covers delays that are or would be covered under an Assured’s mainstream P&I policy. Cover for 7 days with a deductible as low as 1 day (link to PLoE-P&I page).

  • Nordic Delay
    Bespoke and stand-alone tailor-made named-peril insurance that provides a “buy back” option for delays expressly excluded under the mainstream H&M and P&I policies and with deductible as low as 1 day (Nordic Delay for owners).
  • NORDIC Maritime Lien
    Maritime Lien insurance for Charterers’ Debts, ideal for Pool managers that bear the consequences of chartering choices.
    Maritime Lien for Bareboat Charterers’ Debts, a unique standalone policy launched in 2024 and solely provided by Nordic Marine (Nordic Maritime Liens).