Nordic Marine 2024 : UPDATE !

October 27th, 2024-News & Insight, News & More-3 min-

Nordic Marine 2024 : UPDATE !

12 Years Of Stretching Boundaries and transforming standards

In 2022 we provided an outline of our journey since 2012, when Nordic Marine was created by a team of three.

In 2022, from zero ships, we insured “…over 1200 ships for close to 100 clients…”, and proudly delivered “one size fits one” solutions through a conservative risk approach, a close relationship with all clients and brokers that enables us to create bespoke solutions.

Things have greatly evolved since two years ago, though!

Late 2022 saw the launch of Nordic Primary Loss of Earnings – H&M (PLoE-H&M).
This was the first step in transforming our fixed premium Nordic Delay cover into simple to combine covers directly linked to the mainstream cover they enhance, like H&M, P&I or LoH.

But 2023 and 2024 proved to be even more intense and we’re still going!

In April 2023 Nordic Hull started writing comprehensive H&M, LoH, IV and FI insurance, solely on follow basis, via an MGA setup backed by A-rated reinsurers, to which a further MGA was added in October 2023, also backed by A-rated reinsurers.

This evolution is the recognition of Nordic’s quality approach to business and a testament to Nordic Marine’s top quality and underwriting and claims handling teams’ expertise and reliability.

The positive introduction of Nordic Primary Loss of Earnings – H&M (PLoE-H&M) led to demand by clients and brokers for cover beyond the first 14 days’ delay and up to the traditional levels of 60 or 90 days.

This was delivered mid-2024 in the shape of Nordic LoH (NLoH), an innovative conventional LoH insurance with a standard deductible of 7 days.

This was possible thanks to our extensive data for primary layer events, coupled with the expertise and recognised competence and commercial flexibility on both underwriting and claims.

If during 2023 and 2024 saw us “spreading the word” about Nordic PLoE-H&M, it was not all about talking but also about listening.

PLoE-H&M is directly linked to the main H&M policy, as conventional LoH, which means that it is intuitive for brokers and clients.

From a broker’s perspective it is the perfect service tool, for a client.

From a client’s perspective, it is a fantastic, cost efficient add-on for losses that are not, and have never been, recoverable.

So much so, in fact, that we received a clear market request to have a similar work done for the other mainstream policy that excludes loss of earnings, i.e.: P&I.

And who better to fulfil that request than Dan Lennhammer, who has under his belt over two decades of P&I claims’ life?

So, October 2024 saw the launch of… :

Nordic Primary Loss of Earnings–P&I (PLoE-P&I).

PLoE-P&I follows the setup of our PLoE-H&M, in that it is directly linked to the mainstream cover it enhances, this time being P&I.

PLoE-P&I, like our PLoE-H&M, is a fixed premium standalone cover.

Stretching boundaries to transform the standards

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