Cover is triggered by an incident that is recoverable under the builder's risk insurance due to physical damage to the vessel or the unit.
It can be extended to cover additional perils such as damage to the yard, damage to the subcontractor's yard, certain political risks and blockades.
The cover is offered both to the yard (for their daily penalties) or the buyer (for lost income).
Non-Delivery, meanwhile, covers loss of future income if a newbuilding or conversion is not delivered as a consequence of total loss of the unit.
Both of the above products can be purchased separately or as a combined product.
Norwegian Hull Club – the Preferred Leader
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.