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Distress signals: Cooperation agreements or mergers to the rescue in times of crisis?
The current volatile and unpredictable economic climate creates challenges for businesses.
Global | Publication | September 2024
The Nordic Plan is a preferred insurance plan increasingly used by ship operators and approved by financial institutions. This is based on the 2013 plan, last updated in 2023. Despite this, there are concerns that certain provisions in the plan are too narrow, leading to a refusal of cover in a number of recent cases, most recently in relation to the detention of a vessel by Houthi rebels in Yemen, which the insurers argued fell outside the loss of hire war risks insurance.
As a result of this, BankServe recently wrote to their clients advising against the use of the Nordic Plan for any war insurances. If you would like to find out more about BankServe’s reservations on this cover and how these concerns may be addressed, particularly in current circumstances of increased interference with international shipping by non-state parties, please contact us.
Publication
The current volatile and unpredictable economic climate creates challenges for businesses.
Publication
Recent tariffs and other trade measures have transformed the international trade landscape, impacting almost every sector, region and business worldwide.
Publication
In mid-March 2025, Cognia Law and Norton Rose Fulbright’s Legal Operations Consulting team co-hosted a second roundtable event that brought together senior leaders, including GCs, COO and head of legal operations, from across the legal industry to discuss how to drive meaningful change within the legal ecosystem.
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