Interest rate(s) on claims settled in accordance with the Nordic Marine Insurance Plan of 2013, Version 2023 (the Plan) is regulated by Clause 5-4 of the Plan [Interest on the compensation]. Please note that this Clause was amended in the 2023 Version of the Plan, primary due to termination of LIBOR.
According to Clause 5-4 of the Plan (Version 2023), the assured may claim interest as from one month after the date on which notice of the casualty was sent to the insurer. If the insurer has to refund the assured’s disbursements, interest accrues from the date of the disbursement. If the insurer is to indemnify the assured for loss of time, interest does not accrue until one month after expiry of the period for which the insurer is liable.
The annual rate of interest shall be the United States Prime rate applicable on the 1st January of the year the insurance contract comes into effect (irrespective of the currency of the policy).
The interest rate for overdue payments is to be the same rate as stated above [in sub-clause 3, Clause 5-4 of the Plan] with an addition of 2 percentage points.
|The current U.S. Prime Rate is (for 2024): 8,50% U.S.Prime Rate (fedprimerate.com)
Historic data for U.S. Prime Rate and for Nordic currencies for years 2002- 2023 under the Nordic (apart from the NMIP of 2013, Version 2023) and Norwegian Plans can be found below: