Nordic Primary Loss of Earnings (PLoE-H&M)

Loss of Earnings with 7 days deductible

  • NORDIC PLoE-H&M covers delays following physical damage to a vessel that is or would be covered under an Assured’s mainstream underlying H&M policy.
  • NORDIC PLoE-H&M is a standalone policy that, for suitable risk profiles, provides a “Deductible Buyback” option for 7 days of the conventional Loss of Hire (LoH) usual minimum 14-days’ deductible, thus enhancing a conventional LoH if one is in place.
  • NORDIC PLoE-H&M can also be an alternative to conventional LoH for owners whose historical performance does not make conventional LoH a cost-efficient solution.
  • NORDIC PLoE-H&M is written on 100% Nordic Marine security basis and partly reinsured by A-Rated reinsurers.
  • NORDIC PLoE-H&M was launched by Nordic Marine in 2023 after years of trials and testing and reflects feedback gathered from clients. It is fully managed by our experienced and recognised underwriting and claims handling team.
  • NORDIC PLoE-H&M is exclusively provided by Nordic Marine, in line with our commitment to deliver niche insurance solutions that connect, complete and enhance the mainstream covers.

KEY FEATURES :

DOCUMENTS :

  • Insurance for covering loss of earnings following physical damage to a vessel recoverable under the underlying H&M cover

  • “Buy back” option for delays during the initial 14 days’ delay until conventional loss of hire cover kicks in

  • 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
  • Single Incident Limit: 14 days including deductible
  • Minimum deductible : 7 days unless otherwise agreed
  • NO reinstatement premium in case of claim
  • Premium expressed as a percentage of the Daily Insured Amount (DIA)
  • Policy Annual Aggregate Limit (AAL) over all vessels

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 (Hull page link).

  • NORDIC LoH
    Innovative conventional LoH insurance with a standard deductible of 7 days (Nordic Loss of Hire)

  • 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 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).

Contact Jan Limnell, Claudio Blancardi, Dan Lennhammer, Constantinos Elmaoglou or Yiannis Minovioudis directly for any delay cover related questions or through your usual broker to outline your requirements and give us the opportunity to, possibly, design our next new product.