skuld Charterers' Cover terMs & CoNdItIoNs - Extranet - Skuld

Charterers’ cover TERMS & CONDITIONS
39. OMNIBUS
Skuld may cover, in its absolute discretion, the Assured’s liability, loss, expense or costs which
would not otherwise be covered under these T&Cs, to the extent that the Skuld considers that such
cover would be appropriate and consistent with the purpose of the Association.
Skuld, in exercising its discretion under this Clause may, in exceptional circumstances, cover
liability, loss, expense or costs, which are otherwise expressly excluded.
The exercise of discretion under these T&Cs shall be exercised by the Board of Directors, who shall
delegate to the President and Chief Executive Officer and other employees of Skuld or Managers
insofar as the Board considers it appropriate to do so.
40. ARBITRATION AND LAW
40.1 Any dispute arising under or in connection with these T&Cs shall be referred to arbitration
in Oslo pursuant to the Norwegian Arbitration Act. Each party shall appoint one arbitrator,
and the two arbitrators shall appoint the third arbitrator who shall be the chairman of
the arbitration tribunal. If one party fails to appoint an arbitrator within one month from
being requested to do so or if the two arbitrators can not within one month from the last
appointment agree on who shall be appointed chairman, the Chief Justice of Oslo District
Court shall be the appointer. The arbitrators shall be experienced in Norwegian insurance law.
40.2 The arbitration is deemed to be commenced when request for arbitration is being sent from
the party requesting arbitration. Both the arbitral proceedings and the arbitration award shall
be subject to confidentiality. The parties shall conclude a separate agreement to confirm the
confidentiality upon commencement of the arbitration.
40.3 These T&Cs and any arbitration proceedings shall be governed by Norwegian Law, except that
the Insurance Contracts Act of 1989 shall not apply.
Skuld Charterers’ Cover – Terms & Conditions, from 20.02.2012
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