Loss of Hire Insurance covers loss of income following a physical damage to the vessel, recoverable from the underlying hull & machinery cover.
This enables ship owners to protect their income and cash flow in the event of an emergency.
Norwegian Hull Club is one of the largest providers of Loss of Hire insurance worldwide, usually covering 100% of the risk as Claims Leader, predominantly on standard conditions, cf. Chapter 16 of the Nordic Marine Insurance Plan.
Loss of Hire insurance also covers loss of income caused by incidents such as:
- Stranding of the vessel
- Physical obstruction (other than ice) preventing the vessel from leaving port or similar limited area
- Salvage or removal of damaged cargo
- Events giving rise to an allowance in General Average
Included claims-lead services
As a Claims Lead client for Loss of Hire, the following services are included:
• Surveying services
• Technical advice and assistance, if preferable
• Assistance in choice of repair yard
• Claims adjusting and claim settlement
It's our Service Concept that sets us apart
When placing insurance with Norwegian Hull Club as Leader, an Assured has access to claims handling experience, service levels and competence of the highest quality. We handle claims and critical situations in the most professional way. We prioritise and make claims settlements much quicker than the industry average, through practical, solution-driven claims handling and involvement from notification to final payment. Norwegian Hull Club encourages teamwork together with the Assured and the broker.
Our world-leading contingency support and operational intelligence services are developed from handling some 2,500 claims every year. We organise a wide variety of loss prevention activities for both ship and shore-based staff, sharing experience from actual incidents, aimed at improving industry best practice.