It is important for all Admiralty Practitioners to be familiar with the Nordic Plan. Although it is of course governed by Norwegian law we sometimes see insurance written on the Plan but with English law and arbitration. However, regardless of the law and arbitration provisions, it is important in any casualty situation to understand the insurance position whether that be ITC Hulls, the German DTV clauses or the Nordic Plan. The new plan includes better definitions of what constitutes war and marine risks, the addition of a new arbitration clause (1-4B) and an automatic reinstatement clause for loss of hire. Click here to go to the Plan.
