Nordisk’s membership fees are based on a system of standard, basic fees for the various types and sizes of vessel.
Discounts are granted on the basis of individual members’ claims records, vessel class and trading and risk profile.
The fee for entering a newbuilding contract is fixed to one year’s fee for the class of vessel concerned, regardless of the building period. This fee covers all legal problems that may arise in connection with the building contract, such as disputes with the shipyard during the building period and on delivery, and guarantee claims against the yard or subcontractors after delivery.
It is also possible to negotiate tailor-made products, which may consist of reduced cover against reduced membership fee. Nordisk also enters into consultancy agreements, on the basis of retainers, with brokers and others who do not enter individual vessels.
Annual fees are fixed in advance for the purpose of covering expenses of the association for the year in question. Considerable care is therefore taken in the assessment of the fees charged. No calls for supplementary funds have been required since 1985.