Nordic Primary Loss of Earnings (PLoE-P&I)
Loss of Earnings for P&I events
Ship Owners’ P&I insurance almost always exclude ship owners’ loss of earnings following a P&I incident but thanks to Nordic PLoE-P&I these losses can be avoided and shipowners’ earnings protected.
- NORDIC PLoE-P&I is a standalone policy that covers loss of earnings suffered during events covered under the Assured’s P&I policy rules and providing ship owner a seamlessly enhanced P&I cover.
- NORDIC PLoE-P&I is a non-compulsory mainstream cover, like conventional LoH, and is exclusively provided by Nordic Marine.
- NORDIC PLoE-P&I enhances the P&I policy in a cost and work efficient way and protects the ship owner’s cash flow.
- NORDIC PLoE-P&I responds to the initial 7 days’ delay with a deductible as low as 1 day.
- NORDIC PLoE-P&I is fully managed by our experienced and recognised underwriting and claims handling team.
KEY FEATURES :
- Insurance for covering loss of earnings following an event covered under an Assured’s underlying P&I policy
“Buy back” option of the standard loss of earnings exclusion in a P&I policy
Fixed and agreed Daily Insured Amounts (DIA)
Fixed premium cash flow protection to support budget accuracy
Clients know their maximum final cost at inception and can accurately budget for their maximum cost
Individual Performance and Continuity Reward system
Full in-house claims service – external surveyors/adjusters usually not required
Typical Terms :
- Single Incident Limit : 7 days including deductible
- Minimum deductible : 1 days unless otherwise agreed
- No reinstatement premium in case of claim
Premium expressed as a percentage of the Daily Insured Amount (DIA) and also presented in the general P&I format of USD/GT
- Policy Annual Aggregate Limit (AAL) over all vessels
What is covered ?
Examples of P&I events :
- Illness, injury or death of any persons on board or of any third party where directly caused by the insured ship
- Actual or alleged presence of contraband on board the insured ship, or a search on suspicion of their presence on board
- Pollution by a hazardous substance emanating or alleged to emanate from the insured ship
- Desertion from the insured ship
- Stowaways on board, the rescue of refugees or saving of life at sea by the insured ship
- The imposition of a quarantine period on the master, officers, crew and/or passengers
What is not covered ?
Main exclusion to apply to Nordic PLoE-P&I :
- Delay in relation to cargo, such as detentions or delays due to actual or alleged cargo claims, custom fines, extraordinary cargo handling costs etc.
- Delay in relation to a collision or contact with another ship, or alliding with any fixed or floating object other than another ship, or stranding or grounding (this risk is covered under Nordic PLoE-H&M)
- Delay in relation to an incident for which compensation was approved by the P&I Club under any Omnibus Rule in the Rules of the Protection and Indemnity (P&I) insurance
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 LoH
Innovative conventional LoH insurance with a standard deductible of 7 days (Nordic Loss of Hire)
- 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). 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).