Norwegian Hull Club offers both Contingent War / CEND (Confiscation, Expropriation, Nationalisation and Deprivation) and Mortagees Rights Insurance under its Political Risks covers.
With political turmoil increasing in many parts of the world, challenges are ever present for vessel owners. Norwegian Hull Club provides covers that deliver security and protection for vessels or units that repeatedly trade in such unstable areas.
Norwegian Hull Club offers both Contingent War / CEND (Confiscation, Expropriation, Nationalisation and Deprivation) and Mortagees Rights Insurance under its Political Risks covers.
Contingent War / CEND (Confiscation, Expropriation, Nationalisation and Deprivation)
There are instances of escalating political instability in many areas around the world. As such, owners can be increasingly at risk of losing control of their vessels due to actions taken by local governments.
Generally, this will be recoverable under their war policies. However, for long term projects or contracts in a specific area, owners can be faced with changes in the war cover due to the Notice of Cancellation option, used by Underwriters when there is a change in the overall risk picture.
A Contingent War policy is designed to offer security of cover for confiscation, expropriation or deprivation risks in cases where a vessel or unit’s war underwriter tenders Notice of Cancellation in accordance with the cancellation provisions.
This product is relevant for vessels or units with continuous or repeated trade to a politically sensitive area.
Mortgagees Rights Insurance
A Mortgagees Rights Insurance offers protection to a Mortgagee in cases where there has been a default under the mortgage and repossession steps have to be taken. If the Mortgagee cannot exercise their rights over the ship due to actions of, limitations imposed, refusals or failures by the Authorities of the ship's Flag Country and/or a Foreign and/or the Owner's Country, then the Mortgage Rights policy should respond.