Briefing: Insuring risks in Norway

Many international insurers writing non-marine commercial risks in Norway will be unaware that the Norwegian Insurance Contracts Act (the "ICA") will apply to their policies unless an insured is a large commercial company. Even then, the parties to an insurance contract must agree to depart from the mandatory application of the ICA (where possible). Since the ICA has developed largely along consumer lines, it contains several provisions which are less suitable to the insurance of sophisticated commercial insureds, and will presumably also be unfamiliar to many foreign insurers.

Over the coming months, DLA Piper Norway’s insurance team will (every other month) publish a series of briefings on the most relevant provisions of the ICA which foreign insurers should be aware of. The idea behind the series is to enable insurers to get a better understanding of the realities of writing insurance business in the Norwegian market.