BankServe warned against Nordic Plan after refusal to pay out for Galaxy Leader

Speculation about second case of owner denied claim by Norwegian insurers, as brokers blast Danish insurer Codan’s ‘inappropriate’ stance

Advisory firm BankServe cautioned against buying Red Sea war risk cover on Nordic Marine Insurance Plan terms several months ago, it has emerged, citing a then-unnamed insurer’s unwillingness to pay out a loss-of-hire claim on the grounds the Houthis are not a state actor.