Article | 8 October 2026
New 2027 Nordic Marine Insurance Plan published
The 2027 version of the Nordic Marine Insurance Plan shapes the future of marine insurance in the Nordics, with several key areas reinforced and amended to meet current industry demands.
The 2027 update to the Nordic Marine Insurance Plan was published on 1 October 2026.
Below are some key amendments worth noting:
- Dispute resolution: NOMA Arbitration is now the default dispute resolution mechanism under the Nordic Plan, with English as the default language of proceedings. Ordinary court proceedings will only apply if the parties explicitly agree. These amendments are expected to increase the use of NOMA arbitration. English being stipulated as the default language further underlines the clear intent of becoming a competitive choice also in international relationships. Together, these changes position NOMA arbitration as the natural choice for dispute resolution, whether the claims leader is international or Nordic.
- Sanctions and KYC: Version 2027 of the Nordic Plan updates the provisions related to sanctions and know-your-customer obligations. The amendments grant both insurers and assureds greater rights of termination – not only where sanctions directly affect either party, but also where there is a risk of sanctions exposure. A new KYC clause also clarifies that assureds are under a continuous obligation to provide insurers with all information relevant to customer due diligence. This ensures that insurers can meet their KYC requirements regardless of whether the governing law of the insurance contract differs from their home jurisdiction. These amendments align with the broader reinsurance market approach to sanctions and ensure that the Nordic Plan meets KYC criteria across multiple insurer jurisdictions.
- War risks: Unsurprisingly, war-related questions have received attention during the latest round of revisions. Amendments have been made to trading areas: Version 2027 of the Nordic Plan stipulates that all “listed areas” (i.e., areas commonly determined by the Joint War Committee (JWC) in London and referenced in the insurance contract) are now considered “excluded areas” by default. This clarifies the distinction between ordinary, conditional, and excluded trading areas, as conditional areas must now be expressly designated as such. Other notable changes include revised rules on total loss compensation for deprivation of the use of the vessel as well as blocking and trapping. The Commentary confirms that vessels can indeed be blocked and trapped within the Strait of Hormuz, though this will depend on whether the vessel is actually prevented from leaving. More broadly, the war risk amendments build on practical experience and recent arbitral awards, including the 2025 NOMA award in the Heroic Idun. The amendments are expected to provide welcome clarity on several issues of importance to shipowners.
