Insurance and premium conditions
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1 CIRCULAR NO. 649 Insurance and premium conditions Introduction and overview p. 2 2 Conditional trading areas p. 4 3 Standard cover p. 5 4 Piracy p. 7 5 DNK Special covers p. 8 6 Vessels under construction p. 9 7 General Information p. 10
2 1 Introduction and overview The standard DNK policy covers, on the basis of the Nordic Marine Insurance Plan of 2013, Version 2016; total loss, damage, collision liability, hull/freight interests, loss of hire, owner's liability (P&I) and occupational injuries caused by war perils. This circular provides a simplified summary of the comprehensive war risk cover for We refer to the policy conditions and the Nordic Marine Insurance Plan of 2013, Version 2016 (hereinafter NMIP) for details and compulsory rules. Annual Premium The Board has decided that the basic annual premiums shall be as follows: Vessel Type Rates All vessels other than below 0,00280% Movable offshore units (MOU) 0,00530% Cruise vessels 0,0050% Passenger vessels/ferries certified to carry more than 500 passengers, or passenger vessels/ferries engaged in international trade 0,00340% Additional premium for P&I insurance for cruise vessels 0,0025% Minimum premium No lay-up return premium NOK 4,200 (or equivalent in applicable currency) Please note that the above premium is applicable to ships in ordinary trade only. If the ship is to be used for other purposes, e.g. as a storage ship or an accommodation unit, this must be reported in advance to DNK and rates must be agreed on an individual basis. 2
3 Please find below an overview of the losses covered, as well as limits and deductibles for the different elements of the DNK cover. Risk covered Deductible Limits Major powers war - 30 days and USD 1 billion in aggregate Hull & Machinery - Insurance value War P&I and occupational injury - USD 300 mill Loss of Hire Extended Loss of Hire w/o physical damage 7 days, 14 days in AP areas 7 days 10% self-insured retention 180/180 day open cover 180/180 day open cover USD 30 mill per occurrence and in aggregate per year Maximum daily cover USD 100,000 RACE II - USD 150 mill per vessel and per year Biochem - USD 7.5 mill per vessel per occurrence USD 75 mill in aggregate per year For passenger vessels: USD 2.5 mill per vessel per occurrence USD 25 mill in aggregate per year Newbuildings basic cover pre-launch - USD 50 mill per vessel USD 500 mill in aggregate per year Newbuilding basic cover post-launch - Insurance value Newbuilding excess cover Crew Liability due to RACE II perils (Cl.2-9(2)b) - - USD 50 mill per vessel USD 500 mill in aggregate per year USD 1 mill per vessel and USD 10 mill in aggregate per year The same set of insurance conditions will be used for both conventional ships and offshore units. In respect of offshore units the policy itself contains a provision making it clear that the rig or unit is insured on the basis of NMIP Chapter 18 Section 5. Chapter 17 Section 4 on Catch and Equipment and/or Section 5 on Nets and Seines in the sea shall apply to fishing vessels if so provided in the Policy. There are no deductibles for claims pursuant to NMIP Cl and All mortgagees are automatically co-insured and will furthermore benefit from the extended cover provided by NMIP Cl.8-7. The same applies for all named co-insured (other than the mortgagees) who are covered by express agreement pursuant to NMIP Cl.8-1, 8-3 sub-clasue 3 and
4 2 Conditional trading areas Vessels are allowed to trade world-wide without notifying DNK except in those areas that are listed as conditional trading areas. According to NMIP Cl.15-9 the vessel may still sail in conditional trading areas, but will need to notify DNK and the trip will be subject to an additional premium. The list of conditional trading areas may be changed with immediate notice. An updated list of conditional trading areas can be found on DNK s website. Conditional trading areas will be listed as follows NIL AP No AP Rate to be agreed H/C (Held Covered) No duty to notify calls to the area Duty to notify, but no additional premium payable Duty to notify and additional premium will apply Signals a particularly high risk area where there is no predetermined rate. Approval and rating will be done on an individual basis Members are obliged to notify DNK of their calls to conditional trading areas at least 48hrs prior to entering a said area. If damage or total loss occurs while the ship is in a conditional trading area without notice having been given, the claim may be settled subject to a deduction of up to 50%. The same applies to costs to avert or minimise the loss, including salvage and general average. 4
5 3 Standard cover Hull and Machinery Insurance The subject of hull and machinery war risk insurance is, as in general marine insurance, the vessel itself. Under the DNK cover, loss, damage or collision liability and hull/freight interests are covered if the event causing the damage is a war peril. In addition to the standard hull and machinery type losses, the DNK war risk insurance will also compensate the owner for the total loss of the ship if he has been deprived of the ship by the intervention of a foreign State power, or if the ship is prevented from leaving a port or a similar limited area. The total amount covered with DNK should always be equal to the total sum insured in respect of marine perils, including disbursements and other agreed value insurances against total loss of the ship. Members may request the sum insured changed by giving 14 days notice to DNK. Loss of Hire Insurance DNK offers a standard Loss of Hire/blocking and trapping cover as well as a limited additional cover for Loss of Hire without physical damage as part of the standard policy to all Members at no separate charge. Standard Loss of Hire The DNK standard cover for Loss of Hire is regulated in NMIP chapter 16 and chapter 15, section 6. The cover is an open cover, which means that the daily loss to be indemnified must be substantiated by the assured when a loss has occurred. Cover structure Overall limit - Maximum daily amount Deductible Retention - Maximum recovery Open cover 7 days, 14 in conditional trading area and 30 days in case of trapping due to closure of the Hormuz Strait 180 days per occurrence and in all 5
6 Limited additional cover for Loss of Hire DNK members also benefit from a limited additional cover for loss of hire without physical damage to the vessel. The cover applies regardless of whether the vessel has sustained any physical damage if The vessel has been struck by a war peril as defined in NMIP Cl.2-9, and the assured is entitled to compensation for either costs of measures to avert or minimise the loss and/or compensation according to the war P&I insurance or war occupational injury insurance This cover is subsidiary to the standard Loss of Hire cover as described above and to other such covers against war risks which the assured may have affected with other insurers. Cover structure Overall limit Maximum daily amount USD Deductible Retention Maximum recovery USD per occurrence and in all 7 days (There shall be no deductible period in respect of piracy attacks in the Gulf of Guinea Conditional Trading Area). 10% self-insured retention 180 days per occurrence and in all War P&I and occupational injury insurance All vessels insured with DNK are automatically insured for war P&I and occupational injury according to NMIP chapter 15, section 7 and 8. The DNK policy covers the same liability and expenses normally covered by the ship's P&I insurance, when caused by a peril of war, provided it is placed with one of the associations within the International Group of P&I clubs. Alternatively, DNK s liability will be determined by Gard rules. The separate sum insured is USD 300 mill for all types of vessels, the exception is cruise vessels which may be insured for USD 400 mill. The DNK standard war P&I cover is compatible with the excess war risks P&I cover currently offered as standard cover by the members of the International Group of P&I Clubs. For cruise vessels the war P&I and occupational injury insurance cover is subject to additional premium. For all other vessels war P&I and occupational insurance cover is included without additional premium. 6
7 4 Piracy Cover elements relevant to piracy DNK does not offer any specific "K&R" (kidnap and ransom) insurance product, however the DNK standard insurance covers loss and damages, costs to avert or minimize loss, crew liability and loss of hire caused by piracy. The sue and labour provisions of the NMIP (Cl.4-7 and 4-12) give a clear legal authority for insurers to cover "reasonable costs incurred to avert or minimise loss" which may include ransom payments and costs related to such transactions. Each hijacking case and request to contribute to reasonable costs incurred will be evaluated by DNK s Board of Shipowners before final decision. In 2010, DNK introduced the Horn of Africa Supplement which further extends the standard cover under the NMIP through a General Average-absorption clause and a Loss of Hire element. Based on the Supplement, there is no need to declare General Average and the Association will indemnify all costs that would have been recoverable in a General Average settlement. The additional cover for Loss of Hire without physical damage (see above) already provides cover in case of hijacking by pirates. The Horn of Africa Supplement removes the 7-day deductible and the 10% self-insured retention, thus granting full recovery of daily loss up to USD from day one. The DNK standard cover also includes P&I/occupational injury insurance and thus recovery for costs related to medical support, etc. for crew members. Furthermore the costs of response consultants, delivery of ransom, insurance of ransom in transit and other related costs are also included. In addition to covering the costs related to such, DNK maintains a broad network of carefully selected specialists and advisors who are available for our members in case of a hijacking situation as part of our contingency support arrangements. Indian Ocean transits In respect of navigation off the Horn of Africa and adjacent areas members are urged to follow the Best Management Practices to Deter Piracy in the Gulf of Aden and Off the Coast of Somalia promulgated by international shipping organisations, and to follow IMO, MSC-HOA and UKMTO advice with regard to recommended transit corridors, preventive measures, notifications, etc. The latest version of the BMP and other related information are available on DNK s website. If members choose to employ armed guards to secure their vessel, they are obliged to notify DNK according to NMIP Cl
8 5 DNK Special covers Automatic Termination In the case of war or warlike conditions between any of the fixed member nations of the UN Security Council a special DNK major powers war cover comes into effect. Any war risk cover would normally automatically cease, but DNK offers and extends the cover such that it remains in effect for 30 days with a maximum aggregate limit of USD 1 billion. RACE and requisition by own Flag State DNK also offers a limited cover for total loss and damage caused by RACE II perils and for requisition by own flag state. This cover applies to all ships and moveable structures, but not to newbuildings. The limit is USD 150 mill per vessel per year and for the total liability in aggregate per year for DNK. Contingency expenses Furthermore the insurance includes a limited cover for certain contingency expenses arising directly out of the use of any chemical, biological, bio-chemical, or electromagnetic weapon. The limits for this cover are as follows: For passenger vessels: USD 2.5 mill per vessel per occurrence USD 25 mill in the aggregate per year For all other vessels: USD 7.5 mill per vessel per occurrence USD 75 mill in aggregate per year Crew liability in relation to RACE II perils As of , the DNK standard cover was extended to cover members cost of repatriation, medical expenses, liability for injury and death to the master, officers and crew caused by RACE II perils. Costs are covered up to a limit of USD 1 mill for each vessel and USD 10 mill in aggregate per year. 8
9 6 Vessels under construction For vessels under construction, DNK offers a facultative cover for the total construction period pre- and post-launch. The DNK special conditions are based on NMIP Chapter 19. The newbuilding insurance consists of a basic cover which may be extended with an additional cover expanding the losses covered. Please find below an overview of the losses covered as well as limits and premium information. Cover Losses covered Limit per occurrence Limit in the aggregate Premium Basic cover Pre launch Post launch Total loss in the event of condemnation, Total loss where the yard s obligation to deliver no longer applies Damage USD 50 mn Insurance value USD 500 mn Depending on country of build Insurance value 0,010% Unrepaired damage Non-delivery due to state of war Additional cover Pre launch Delayed delivery Increased costs of replacement Costs and expenses USD 50 mn USD 500 mn Depending on country of build; combined premium for basic & additional cover Post launch USD 50 mn USD 500 mn 0,010% 9
10 7 General Information Members and the assureds are reminded that the International Ship and Port Facility Security Code entered into force from 1st July The U.S. Maritime Transportation Security Act and other local regimes implementing the ISPS Code are in force and must also be complied with when applicable. Both the ISPS Code and the U.S. Maritime Transportation Security Act are safety regulations pursuant to Cl.3-22 of NMIP, and violations of any of these rules may prejudice the war risk cover, cf. Cl.3-25 of NMIP. This applies equally to other national or regional legal or regulatory regimes implementing the ISPS Code or establishing local security requirements. The members and the assureds are therefore urged to carefully comply with these rules to the extent they are applicable for the trade in question for the individual ships covered with DNK. The latest Notices to Mariners, or alternatively the corresponding American publications, shall be available on board together with up-to-date charts in order to assist in determining the mine perils from previous wars or current conflicts. The publications may be obtained through Nautisk Forlag A/S ( Oslo, 17. December 2015 The Board 10
11
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