The perils of the Norwegian Plan

Andrew Lee and Fiona Rafla, of Hill Dickinson, consider the differences between the Nordic Plan and the Institute Time Clauses

The Norwegian Marine Insurance Plan (or Nordic Marine Insurance Plan of 2013 – the Nordic Plan) is generally considered to be a “pro-assured” insurance regime providing fuller protection and wider coverage than other forms of marine insurance. This article contrasts cover under the Nordic Plan and the Institute Time Clauses Hulls (the ITC) and provides an overview of little-known pitfalls under the Nordic Plan.