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Navigating regulatory challenges in data centres
Businesses investing in, financing or operating data centres face a complex matrix of laws and regulatory requirements.
Updates to the Nordic Plan
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.
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USTR announces significant fees on Chinese and other vessels
On April 17, the Office of the United States Trade Representative’s (USTR) released its Notice of Action and Proposed Action in Section 301 Investigation of China’s Targeting the Maritime, Logistics and Shipbuilding Sectors for Dominance, Request for Comments (the Notice).
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