We’ve done it again !

October 29th, 2024-News & Insight, News & More-2 min-

PLoE-P&I : We’ve done it again !

Nordic Marine launches a Primary Loss of Earnings – P&I (PLoE-P&I) in the wake of the P&I renewals.

P&I renewal season has already started as 20th February is approaching and brokers and Clubs are preparing for the great rush.

P&I cover is a de facto compulsory cover provided, for well over 90% of the world ocean going tonnage, by mutual Shipowners’ Clubs members of the IG Group.

Ship Owners’ P&I cover almost always exclude ship owners’ loss of earnings during a P&I incident, which means that when a ship is detained following an actual or an alleged pollution, the shipowner will lose the expected earning because a charterer will normally be able to put the ship off-hire.

A relatively minor event, therefore, can have a considerable impact, as depending on where the event occurs the timeline to get the ship free to trade will differ.

At Nordic Marine we have a history of creating solution to mainstream policies’ gaps, and our latest is Primary Loss of Earnings P&I (PLoE-P&I).

  • 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, but where such loss of earnings is expressly excluded.
  • As such, Nordic PLoE-P&I enhances the P&I policy in place 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. This is usually adequate as P&I Clubs are particularly efficient when it comes to get ships back to trade.
  • Nordic PLoE-P&I is exclusively provided by Nordic Marine, in line with our commitment to deliver niche insurance solutions that connect, complete and enhance the mainstream covers.
  • Nordic PLoE-P&I is fully managed by our experienced and recognised underwriting and claims handling team.

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