Subscribe to our Mailing Lists (It's free!)
Friday, July 4, 2025
SAFETY4SEA
  • Home
  • Safety
    • All
    • Accidents
    • Alerts
    • Loss Prevention
    • Maritime Health
    • Regulation
    • Safety
    • Seafarers
    • Security
    AP Companies: How physical and mental well-being shape happier ships

    AP Companies: How physical and mental well-being shape happier ships

    bali indonesia

    Ferry sinks off Bali with multiple casualties

    Year in Review: How the Russian invasion of Ukraine affected shipping in 2022

    LR: New requirements for lifting appliances and anchor winches

    Latest Handbook on Loss of Hire Insurance issued

    Two crew members accused over deadly tanker collision

  • SEAFiT
    • All
    • Intellectual
    • Mental
    • Physical
    • Social
    • Spiritual
    neck pain

    Neck pain: A growing health concern for maritime workers

    Book Review: Building leaders the MMMA way

    Book Review: Feel grounded and think positive in 10 simple steps

    time

    Stay SEAFiT: Time is non-renewable – invest it wisely

    public speaking

    8 Key rules of Public Speaking

  • Green
    • All
    • Arctic
    • Ballast
    • Emissions
    • Fuels
    • Green Shipping
    • Pollution
    • Ship Recycling
    • Technology
    hull

    AkzoNobel: Quality antifouling coatings can help with CII and EEXI compliance

    nuclear power

    Nuclear shipping inches closer to reality: Latest developments

    nuclear energy ABS

    Consortium advances floating nuclear power for the Mediterranean

    CSA scrubbers

    CSA urges OSPAR to improve understanding before enacting scrubber ban

  • Smart
    • All
    • Connectivity
    • Cyber Security
    • E-navigation
    • Energy Efficiency
    • Maritime Software
    • Smart
    connectivity

    Innovating ocean safety: Intellian’s unified vision for connectivity and GMDSS

    autonomous navigation

    New deal aims to advance autonomous navigation technology

    abs training center

    ABS opens smart training center in Athens

    iaph cyber security

    IAPH releases cyber security guidelines for new port technologies

  • Risk
    • All
    • CIC
    • Detentions
    • Fines
    • PSC Focus
    • Vetting
    OCIMF

    OCIMF Annual Report 2025: SIRE 2.0 a welcome change for the industry

    USCG

    ABS PSC Report Q1 2025: 526 total vessels detained

    paris mou lists

    Paris MoU 2024 Performance lists

    PSC

    AMSA Annual PSC Report: ISM-related deficiencies on the lead

  • Others
    • All
    • Diversity in shipping
    • Maritime Knowledge
    • Offshore
    • Ports
    • Shipping
    • Sustainability
    • Videos
    European Commission EU

    EU in discussions over maritime and port strategies

    underwater noise from ships

    AMSA: Reduction of underwater radiated noise from shipping

    nuclear energy ABS

    Consortium advances floating nuclear power for the Mediterranean

    Germany shadow fleet

    German Government increases vigilance in the Baltic Sea

  • Columns
    AMPI: Seafarers face critical risks in pilot transfer rigging

    AMPI: Seafarers face critical risks in pilot transfer rigging

    connectivity

    Innovating ocean safety: Intellian’s unified vision for connectivity and GMDSS

    human factor organizational safety

    Cracking the safety code: Why human factors matter

    Trending Tags

    • Anchor Your Health
    • Book Review
    • Career Paths
    • Human Performance
    • Industry Voices
    • Interviews
    • Maripedia
    • Maritime History
    • Regulatory Update
    • Resilience
    • Seafarers Stories
    • SeaSense
    • Training & Development
    • Wellness Corner
    • Wellness Tips
  • Events
  • Plus
No Result
View All Result
  • Home
  • Safety
    • All
    • Accidents
    • Alerts
    • Loss Prevention
    • Maritime Health
    • Regulation
    • Safety
    • Seafarers
    • Security
    AP Companies: How physical and mental well-being shape happier ships

    AP Companies: How physical and mental well-being shape happier ships

    bali indonesia

    Ferry sinks off Bali with multiple casualties

    Year in Review: How the Russian invasion of Ukraine affected shipping in 2022

    LR: New requirements for lifting appliances and anchor winches

    Latest Handbook on Loss of Hire Insurance issued

    Two crew members accused over deadly tanker collision

  • SEAFiT
    • All
    • Intellectual
    • Mental
    • Physical
    • Social
    • Spiritual
    neck pain

    Neck pain: A growing health concern for maritime workers

    Book Review: Building leaders the MMMA way

    Book Review: Feel grounded and think positive in 10 simple steps

    time

    Stay SEAFiT: Time is non-renewable – invest it wisely

    public speaking

    8 Key rules of Public Speaking

  • Green
    • All
    • Arctic
    • Ballast
    • Emissions
    • Fuels
    • Green Shipping
    • Pollution
    • Ship Recycling
    • Technology
    hull

    AkzoNobel: Quality antifouling coatings can help with CII and EEXI compliance

    nuclear power

    Nuclear shipping inches closer to reality: Latest developments

    nuclear energy ABS

    Consortium advances floating nuclear power for the Mediterranean

    CSA scrubbers

    CSA urges OSPAR to improve understanding before enacting scrubber ban

  • Smart
    • All
    • Connectivity
    • Cyber Security
    • E-navigation
    • Energy Efficiency
    • Maritime Software
    • Smart
    connectivity

    Innovating ocean safety: Intellian’s unified vision for connectivity and GMDSS

    autonomous navigation

    New deal aims to advance autonomous navigation technology

    abs training center

    ABS opens smart training center in Athens

    iaph cyber security

    IAPH releases cyber security guidelines for new port technologies

  • Risk
    • All
    • CIC
    • Detentions
    • Fines
    • PSC Focus
    • Vetting
    OCIMF

    OCIMF Annual Report 2025: SIRE 2.0 a welcome change for the industry

    USCG

    ABS PSC Report Q1 2025: 526 total vessels detained

    paris mou lists

    Paris MoU 2024 Performance lists

    PSC

    AMSA Annual PSC Report: ISM-related deficiencies on the lead

  • Others
    • All
    • Diversity in shipping
    • Maritime Knowledge
    • Offshore
    • Ports
    • Shipping
    • Sustainability
    • Videos
    European Commission EU

    EU in discussions over maritime and port strategies

    underwater noise from ships

    AMSA: Reduction of underwater radiated noise from shipping

    nuclear energy ABS

    Consortium advances floating nuclear power for the Mediterranean

    Germany shadow fleet

    German Government increases vigilance in the Baltic Sea

  • Columns
    AMPI: Seafarers face critical risks in pilot transfer rigging

    AMPI: Seafarers face critical risks in pilot transfer rigging

    connectivity

    Innovating ocean safety: Intellian’s unified vision for connectivity and GMDSS

    human factor organizational safety

    Cracking the safety code: Why human factors matter

    Trending Tags

    • Anchor Your Health
    • Book Review
    • Career Paths
    • Human Performance
    • Industry Voices
    • Interviews
    • Maripedia
    • Maritime History
    • Regulatory Update
    • Resilience
    • Seafarers Stories
    • SeaSense
    • Training & Development
    • Wellness Corner
    • Wellness Tips
  • Events
  • Plus
No Result
View All Result
SAFETY4SEA

Latest Handbook on Loss of Hire Insurance issued

by The Editorial Team
July 18, 2017
in Shipping
abandon ship
FacebookTwitterEmailLinkedin

Norwegian Hull Club published a new version of the Handbook on Loss of Hire Insurance, providing explanations to the Nordic loss of hire conditions.

The second edition of the Handbook was based upon the Norwegian Marine Insurance Plan of 1996 version 2007. Since then, the Plan has continuously been revised, with the updated version of the NMIP was published in 2013.  Now, a third edition of the Handbook covering the insurance conditions of Chapter 16 of the Nordic Marine Insurance Plan of 2013 version 2016 was completed. 

The term “loss of hire insurance” suggests that the assured is insured in general for any incident that causes one or more of his vessels to be demobilised so as to be deprived of income. However, loss of hire insurance has never been that comprehensive. It has only covered the assured for loss of income resulting from damage to a particular insured vessel, which damage must be recoverable under the hull insurance of the vessel.

However, loss of hire and damage to the vessel are not necessarily connected. An assured may sustain a loss of income through many sources other than damage to the vessel. Natural catastrophes such as typhoons, floods etc., as well as strikes in port, congestion, riots, war and other man-made events may disturb the operation of the vessel. Many such events are equally fortuitous as damage to the vessel, but the assured in some cases may be able to influence to a certain degree the way in which these events will affect his operation of the vessel and consequently the loss of income sustained. In the case of damage to the vessel, the assured may not be able to influence the economic consequences of the damage, although he may be able to avoid the damage itself to a certain degree.

RelatedNews

German Government increases vigilance in the Baltic Sea

Middle East war risk insurance costs surge due to conflict

It is therefore natural to ask why loss of hire insurance is linked to the hull insurance of the vessel. The answer is that the insurer offering loss of hire insurance found that the traditional hull insurance of vessels had developed over such a long period that hull insurance had established the “right” balance between what should be covered and what should be excepted from cover. The “right” balance between the assured and the insurer when it comes to cover for loss of income has still not been explored.

The insurance market presently appears unready to embark upon the task, and instead it seems minded to go about the product development of loss of hire insurance on a case by case basis. There has been a trend towards extending the insurance to cover loss of income resulting from a grounding without any damage to the vessel so that there is nothing to recover from the hull insurer. 

The new version of the Handbook may be viewed here.

 

Latest Handbook on Loss of Hire Insurance issuedLatest Handbook on Loss of Hire Insurance issued
Latest Handbook on Loss of Hire Insurance issuedLatest Handbook on Loss of Hire Insurance issued
Tags: marine insuranceNordic
Previous Post

Risk in Gulf of Aden remains, CMF say

Next Post

Maersk ship goes adrift due to engine fire

Related News

Israel-Iran marine insurance
Shipping

Israel-Iran tensions drive up marine insurance costs

June 20, 2025
Hormuz Strait
Shipping

VLCC insurance jumps as freight rates escalate due to tensions

June 18, 2025
hurricane
Opinions

Marine insurance for ports and shipping amid the looming hurrican threat

May 30, 2025
carriers
Shipping

New EU ship insurance reporting requirements enter into force

May 20, 2025
Key trends in seafarer recruitment and retention
Loss Prevention

Britannia: Preparing the crew for emergencies and claims

May 16, 2025
Denmark
Shipping

Denmark prepares insurance funds for fleet in case of war

May 6, 2025

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Explore more

No Result
View All Result
MARITIME EVENTS

Explore

  • Safety
  • SEAFiT
  • Green
  • Smart
  • Risk
  • Others
  • SAFETY4SEA Events
  • SAFETY4SEA Plus Subscription

Useful Links

  • About
  • Disclaimer
  • Editorial Policies
  • Advertising
  • Content Marketing
  • Contact

© 2025 SAFETY4SEA

No Result
View All Result
  • Safety
    • Accidents
    • Alerts
    • Loss Prevention
    • Maritime Health
    • Regulation
    • Safety
    • Seafarers
    • Security
  • SEAFiT
    • Intellectual
    • Mental
    • Physical
    • Social
    • Spiritual
  • Green
    • Arctic
    • Ballast
    • Emissions
    • Fuels
    • Green Shipping
    • Pollution
    • Ship Recycling
    • Technology
  • Smart
    • Connectivity
    • Cyber Security
    • E-navigation
    • Energy Efficiency
    • Maritime Software
    • Smart
  • Risk
    • CIC
    • Detentions
    • Fines
    • PSC Case Studies
    • PSC Focus
    • Vetting
  • Others
    • Diversity in shipping
    • Maritime Knowledge
    • Offshore
    • Ports
    • Shipping
    • Sustainability
    • Videos
  • Columns
    • Anchor Your Health
    • Book Review
    • Career Paths
    • Human Performance
    • Industry Voices
    • Interviews
    • Maripedia
    • Maritime History
    • Opinions
    • Regulatory Update
    • Resilience
    • Seafarers Stories
    • SeaSense
    • Tip of the day
    • Training & Development
    • Wellness Corner
    • Wellness Tips
  • SAFETY4SEA Events
  • SAFETY4SEA Plus Subscription

© 2025 SAFETY4SEA

Manage your privacy
We use technologies like cookies to store and/or access device information. We do this to improve browsing experience and to show (non-) personalized ads. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
Manage options
{title} {title} {title}
No Result
View All Result
  • Safety
    • Accidents
    • Alerts
    • Loss Prevention
    • Maritime Health
    • Regulation
    • Safety
    • Seafarers
    • Security
  • SEAFiT
    • Intellectual
    • Mental
    • Physical
    • Social
    • Spiritual
  • Green
    • Arctic
    • Ballast
    • Emissions
    • Fuels
    • Green Shipping
    • Pollution
    • Ship Recycling
    • Technology
  • Smart
    • Connectivity
    • Cyber Security
    • E-navigation
    • Energy Efficiency
    • Maritime Software
    • Smart
  • Risk
    • CIC
    • Detentions
    • Fines
    • PSC Case Studies
    • PSC Focus
    • Vetting
  • Others
    • Diversity in shipping
    • Maritime Knowledge
    • Offshore
    • Ports
    • Shipping
    • Sustainability
    • Videos
  • Columns
    • Anchor Your Health
    • Book Review
    • Career Paths
    • Human Performance
    • Industry Voices
    • Interviews
    • Maripedia
    • Maritime History
    • Opinions
    • Regulatory Update
    • Resilience
    • Seafarers Stories
    • SeaSense
    • Tip of the day
    • Training & Development
    • Wellness Corner
    • Wellness Tips
  • SAFETY4SEA Events
  • SAFETY4SEA Plus Subscription

© 2025 SAFETY4SEA