A new legislative proposal on war insurance will ensure that the Danish merchant fleet can remain insured and continue sailing in the event of war.In the extraordinary situation where Denmark and Danish
A new legislative proposal on war insurance will ensure that the Danish merchant fleet can remain insured and continue sailing in the event of war.
In the extraordinary situation where Denmark and Danish shipping are severely impacted by war – and the commercial insurance market has collapsed – there is a need for a war insurance scheme that guarantees the Danish merchant fleet remains insured and operational. This benefits both Denmark and the shipping companies.
A new government proposal to activate the so-called War Insurance Institute aims to ensure that it occurs.
“The timing is exactly right for the activation of the War Insurance Institute. It’s always wise to be well insured. And of course, the shipping companies are covered through the regular commercial market. But in an extraordinary war scenario, it can be critically important that the Danish merchant fleet is still able to operate. This proposal contributes to securing that possibility if Danish shipping can no longer be covered by commercial insurance. And like with all other insurance schemes, I sincerely hope we never have to use it,” said Anne H. Steffensen, CEO of Danish Shipping.
The proposal includes a state loan guarantee of six billion kroner upon
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