Advokatfirmaet Thommessen AS updates

 
Pandemic delay clause in Nordic marine loss of hire insurance
Advokatfirmaet Thommessen AS
  • Insurance
  • Norway
  • 15 September 2020

In marine insurance, business interruption is covered by loss of hire (LoH) insurance. LoH is a separate insurance for loss of time caused by a casualty and linked to the hull and machinery insurance for the insured vessel or unit when it covers repair costs. The COVID-19 pandemic and the restrictions imposed will not be considered a 'casualty' for an insured vessel or unit. However, for marine casualties caused by other perils, it is clear that COVID-19 has led and will lead to significant prolongations of repair periods.

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