The Nordic market covers as of 2016 loss of hire insurance based on the Nordic Marine Insurance Plan of 2013, version 2016 (hereinafter the Plan). The Plan is a set of standard insurance conditions agreed and adopted by the Nordic market.
The Plan is governed by the law of one of the Nordic countries, see for the details Cl. 1-4. However, the Plan is, for practical purposes, the main source of legal regulation of marine insurance. The Plan is not a source of law in and of itself because it is not a legislative act. It is a document agreed between organisations representing respectively the Nordic marine insurance market, the shipowners and other interested parties. Therefore, it becomes legally binding only if it is expressly incorporated into the individual insurance contract.
The Nordic Plan has maintained the same widespread international acceptance as the previous Norwegian Plan of 1996 and subsequent versions, the latest of 2010. Furthermore, it has been intended to expand this acceptance even further, in view of which the 2013 Plan has been structured to lend itself easily to international application.
The Nordic Plan has maintained the structure of the Norwegian Plan of 1996, which in turn maintained the structure of the Norwegian Marine Insurance Plan of 1964. Part One is maintained as the General Part applicable to all insurance covered on the basis of the Plan, including loss of hire insurance. Part Two contains provisions on hull insurance, including liability for collisions or striking (4/4th RDC and FFO). Part Three contains provisions on other insurance for ocean-going vessels, such as total loss insurance (Chapter 14), war risk insurance (Chapter 15) and loss of hire insurance (Chapter 16). Part Four contains provisions relevant to other insurance, such as insurance for coastal and fishing vessels (Chapter 17), movable off-shore units (drilling rigs etc.) (Chapter 18) and building risks (Chapter 19). Chapter 15, Section 6 contains some special rules for war risks, loss of hire insurance, which are dealt with in Chapter 16 below. Chapter 17, Section 7 contains some special conditions for fishing vessels which are dealt with in Chapter 17 below. Chapter 18, section 4 has incorporated to a large extent verbatim the same clauses as in Chapter 16, but there are some material differences which will dealt with in Chapter 18 below.
The provisions of immediate interest to a shipowner who wants to cover loss of hire insurance on the basis of the Plan will be those found in Chapter 16, in combination with the provisions of Part One.