3.1 Introduction
In order to understand how losses caused by faulty material and error in design are regulated under the Nordic Marine Insurance Plan, it is important to introduce the structure of the insurance contract, as well as different terms and concepts that are applied throughout the contract concerning the general prerequisites for cover.
The purpose of this chapter is to clarify these terms in order to provide a clear structure and vocabulary throughout the thesis. Firstly, the general structure of the Nordic Marine Insurance Plan will be presented in Chapter 3.2, before the scope of cover will be discussed in Chapter 3.3.