NHC increase Charterer’s Liability limits to USD500m from 1st January 2015
The Norwegian Hull Club’s specialist Charterer’s Liability underwriting arm will, from 1st January 2015, be able to offer up to a USD500m limit of liability.
Whilst not every charterer (or more frequently, owner) demands USD500m of cover, other markets in the form of many of the International Group (IG) Clubs, The Charterers Club and Raetsmarine, already write to USD500m. Charterama BV in the Netherlands can write up to a limit of USD350m. But the issue is not just the limit, it’s the cost of providing that limit for each insurer and each client.
In any event, the market for charterer’s liability and the options within that market continue to broaden, which should be seen positively by charterers.
We would be pleased to provide further information on any of the above, please contact us on [email protected] or through your usual Latitude Brokers contact.