Marine Insurance

Marine insurance is insurance related to ships, offshore installations and transport of goods. 

The Nordic Marine Insurance Plan 2013(Illustrasjon: Cefor)

About the project

Marine insurance as a project investigates all legal issues relevant to this sector.  The relevant legal issues are first and foremost of private law caracter and related to the contractual regulation between the parties. As many of the contracts are Nordic or international, this aspect of the project has an international approach.   

Objectives

The goal of the project is to broaden our knowledge in Norwegian, Nordic and international marine insurance law in general, and in particular to continually update research as the marine insurance contracts are amended. 

Outcomes

A number of articles and books on marine insurance have been published by the academic staff at the Scandinavian Institute of Maritime Law and more articles are in progress.

Areas for future research:

  • P&I insurance
  • War risk insurance
  • Reinsurance

Background

Marine insurance is an important commodity in the shipping community. Therefore marine insurance is an important sector in the Norwegian insurance market. However, Norwegian marine insurers also contracts marine insurance internationally, and their market share is growing.  This is partly due to the fact that important parts of marine insurance in Norway traditionally has been regulated by an agreed standard contract which is very similar to private legislation.

The ship and offshore related part of this regulation is made Nordic from 2013. The aim of the insurers are to extend their international business.  It is therefore of utmost importance both for the Norwegian and the international market that research are made on these contracts.

The project is mainly performed at Scandinavian institute of maritime law. However, it is also a part of the research group International Contracts and through this research is made in cooperation with the Institute of private law.  The methodology is mainly traditional legal method, but a law and economics approach is also used. 

Financing

Mainly from the University of Oslo through research made by the academic staff at the faculty. Other contributors, who have  all financed research assistants writing master papers within this Field:

  • The Nordic Council of Ministers
  • Johan and Mimi Wessmanns Understøttelsesfund
  • The P&I Club Skuld 
     
Tags: Marine Insurance, Nordic, Europe
Published Nov. 21, 2012 4:27 PM - Last modified May 11, 2017 3:40 PM