Cancellation of Contract insurance protects a vessel's loss of future earnings, either as a consequence of a total loss or damage serious enough to trigger a contract’s termination provisions. It is particularly relevant for Owners with exposure to significant future earnings or where earnings are disproportionate to vessel value.
Norwegian Hull Club has the ability to offer bespoke coverage for specific contracts and be back to back with the termination provisions.
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 prioritize and make claims settlements much quicker than the industry average, through practical, solution driven claims handling and involvement from notification to final payment. We encourage teamwork together with the Assured and the broker.
Our world-leading contingency support and operational intelligence services are developed from handling 2.000 claims every year. We organize 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.