Clause 17-61. Agreed daily amount for fishing vessels/applies instead of Clause 16-6

If it is stated in the insurance contract that a certain amount per day shall be paid in compensation for loss of income, the said amount is the maximum compensation that may be paid out per day under Cl. 17-60 unless it is clearly evident from the contract that the amount is an agreed daily amount.

As opposed to Cl. 16-6, Cl. 17-61 contains no presumption that if a daily amount is stated in the insurance contract, this shall be deemed to be an agreed daily amount. To the contrary, the presumption is the other way around, namely that the daily amount stated in the insurance contract is merely the daily sum insured or the maximum amount to be paid per day. Thus, the loss of hire insurance for fishing vessels is normally covered as so called “open insurance” and calculation of the loss shall be made in accordance with Cl. 17-60, cf. Cl. 17-59. It is in principle possible also for fishing vessels to let the daily amount stated in the insurance contract be a so called “agreed daily amount”, but this must in case be expressly written into the insurance contract in no uncertain terms. It is unlikely that the insurer will accept the daily amount to be an “agreed daily amount” for vessels subject to quota regulations. For vessels fishing worldwide, able switch between quota systems in different parts of the world, and thus able to earn income more or less all year around, an agreed daily amount may make sense.