Norwegian Marine Insurance Plan
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Perils covered/Re. § 2-8 cf. § 2-10 | ||
| The insurance covers marine perils, cf. § 2-8, and strikes and lock-outs. | |||
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Insurance period/Re. § 1-5 | ||
| The insurance remains in effect until the takeover date stipulated in the building contract. If takeover is later than that date, the insurance will automatically be extended subject to an additional premium as agreed in the policy until the newbuilding is in actual fact taken over by the buyer. | |||
| If the newbuilding is not taken over by the buyer, the insurance is automatically extended subject to an additional premium as agreed in the policy until the newbuilding is in actual fact taken over by another buyer. | |||
| Extension of the insurance according to paragraphs 1 and 2 does not apply beyond nine months from the takeover date stipulated in the building contract. | |||
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Co-insurance/Re. § 8-1 | ||
| Unless otherwise agreed, the buyer is co-insured under § 8-1. However, this does not apply to cover of expenses under section 3. | |||
| If liability as mentioned in section 4 is covered by another insurance which the co-insured has effected, the co-insured's cover under section 4 is subsidiary in relation to that insurance. | |||
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Transfer of the building contract/Re. § 3-21 | ||
| If the building contract is transferred to a new shipyard, the insurance terminates as from the date of the transfer. | |||
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Place of insurance | ||
| The insurance is in effect: | |||
| (a) | while in the builder’s yard or other premises in the port where the builder’s yard is situated and whilst in transit between these areas, | ||
| (b) | during trial runs within the area allowed by the newbuilding’s provisional certificates. | ||
| If specifically agreed, the insurance also covers manufacture or transport outside the yard areas in the building port, insofar as this is set out in the policy. | |||
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Removal plan/Re. § 3-22 and § 3-25 | ||
| If it has been agreed that the insurance shall also be in effect outside the yard areas in the building port, cf. § 19-5, paragraph 2, and the newbuilding is to be removed outside the areas stipulated in § 19-5, paragraph 1 (a), a separate removal plan shall be drawn up. The removal plan shall be submitted to the insurer for approval. If this has not been done, or if the removal plan has not been adhered to during the removal, § 3-25, paragraph 1, shall apply correspondingly. | |||
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The sum insured as the limit of the liability of the insurer/Re. § 4-18 and § 4-19 | ||
| In addition to the sum insured as mentioned in § 4-18, paragraph 1, the insurer is separately liable up to an amount corresponding to the sum insured for damage, expenses and liability under section 3 and section 4 caused by any one casualty. | |||
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Deductible | ||
| For any one casualty the deductible stated in the policy shall apply. If the same casualty entitles the assured to compensation according to sections 2, 3 and/or 4, only one deductible shall apply. | |||
| Total loss, cf. § 19-10 and § 19-11, costs in connection with the settlement of claims, cf. § 4-5, and loss in connection with measures to avert or minimise a loss, cf. § 4-7 to § 4-12, are recoverable without deductible. | |||