Nordic Offshore Wind Insurance Conditions (NOWIC) launched

On 3 November, Cefor, in cooperation with Equinor ASA and the Nordic Shipowners’ Associations, launched the new Nordic Offshore Wind Insurance Conditions (NOWIC).

Link to the NOWIC with Commentary 

The launch webinar was held on the same date, and both presentation slides and a recording are available on demand:

Recording

Presentation slides

NOWIC launch question(s) and response

Webinar description : 

• Welcome address by Oleksandra Leginevych, Legal Director at Cefor

About the NOWIC and its proceedings, contracting partners and other practical aspects

• Introduction by Amund B. Tørum, Chair of the NOWIC Committee, Professor, LL.D, Scandinavian Institute of Maritime Law

Background and main principles of the NOWIC which are based on the Nordic Marine Insurance Plan of 2013 

• Structure of the NOWIC by Roar Sanden, Legal Director, Norwegian Hull Club (NHC)

Structure and scope of cover (including additional covers)

• Key advantages by Sigurd Willoughby, Insurance Manager and Collaboration Leader for REN, Equinor ASA

The main advantages of using the NOWIC with its accompanying Commentary

• Main concepts of the NOWIC by Eivind Killengreen, Head of Legal & Claims, Wilhelmsen Insurance Services AS

The concept(s) of ‘Principle Assured – Co-Assured’ and ‘Unit breakdown’

•  The concept of ‘damage’ by Radmil Kranda, Vice President, Head of Energy Underwriting , Gard

Clarification of what is considered ‘damage’ under the NOWIC, repairs and ordinary maintenance

• Summary and closing remarks by Georg Nygaard, CEO, NIORD