NORDIC Maritime Lien Insurance

Actions “in rem” can lead to a ship being arrested on grounds of a Maritime Lien that was created by a different party than the current owner of the ship.

Maritime Lien Insurance is a specialist niche that can be relevant for :

  • Owners that trade their ships on T/C out, i.e. : potentially exposed to unpaid Charterers’ debts,

  • Leasing companies / Finance providers/Banks that bareboat charter out their ships

In situations where there are, for example :

  • Unpaid debts by one of the Time Charterers after redelivery to registered owner
  • Unpaid debts by the Bareboat Charterer after redelivery to registered Owner and leasing companies / banks

NORDIC Maritime Lien covers are written on 100% Nordic Marine security basis and partly reinsured by A-Rated reinsurers.

UNIQUE PRODUCT

Nordic Marine has built strong ties and support from A-Rated reinsurance markets, which enables us to deviate from only providing “off the shelf” covers and deliver packages that widen the standard market policies’ wording and make our products unique.

We allow clients to choose between the standard market layout, focused on the debt, and a more sophisticated and customized layout that includes protection for additional exposures in such situations.

In 2024, Nordic Marine launched a new type of MLI cover, the Maritime Lien Insurance for Bareboat Charterers’ Debts (MLI-BCD).

UNIQUE COVER

A unique cover ideal for registered Owners and leasing companies/banks to add it to their existing insurance package to protect their financial interests and solely provided by Nordic Marine.

DOCUMENTS :

Maritime Lien for Charterers’ Debts (MLI-CD)

Maritime Lien for Bareboat Charterers’ Debts (MLI-BCD)

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 LoH
    Innovative conventional LoH insurance with a standard deductible of 7 days (Nordic Loss of Hire).
  • 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 (NORDIC PLoE-P&I).
  • NORDIC Delay
    Bespoke and stand-alone 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 Delay for Charterers).

Contact Jan Limnell, Dan Lennhammer or Claudio Blancardi, directly or through your usual broker to outline your requirements and give us the opportunity to, possibly, design our next new product.