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 OwnersNordic 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).