Insurance

WSCO has substantial expertise in insurance matters. Due to many years of dedicated work in this area, we have obtained a reputation for high-quality legal advice and cost efficiency.

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Intimate knowledge of the industry and its practices enables us to provide sophisticated and targeted advice and to secure attractive solutions.

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Our attorneys lecture at the Danish insurance academy and have experience from working in the insurance business in Denmark and internationally. On a regular basis we speak at industry events, and the firm’s attorneys are engaged in a number of relevant professional networks and publish articles in treatises and insurance industry magazines.

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We advise insurers, corporations, businesses and other professional clients within a number of insurance lines, involving:

• Commercial and product liability insurance.
• Construction all-risk insurance.
• Professional liability insurance, (including D&O).
• Property insurance.
• Transport and marine insurance.
• Trade credit insurance.
• Comprehensive and hull insurance.
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Our clients include Danish and international insurers and pension funds, insurance brokers and agents as well as industrial corporations.

Businesses and corporations may incur liability resulting from manufacturing and marketing defective products or services. Such products or services may cause property damage or personal injuries. The Danish business and product liability insurance is a cornerstone in the coverage of these risks.

We assist in all matters related to coverage issues arising from commercial activity, including:

• Liability issues.
• Questions of coverage.
• Recourse.
• Quantum of damage and loss adjustment.
• Ingredients and component damage coverage.
• Coverage of financial loss.

For many years we have assisted and advised clients in this area and handled major court cases, including issues of liability coverage and recourse actions for both Danish and foreign insurers and businesses.

Pursuant to the Danish AB 92 (General Conditions for the provision of works and supplies within building and engineering) and the Danish ABT 93 (General Conditions for turnkey contracts) the  employer must take out insurance on usual terms against damage to the contract works resulting from fire and windstorm. The insurance may also be taken out on all risk terms to the effect that all risks of damage, as a general rule, are covered under the policy. The insurance may, in addition to covering the contract works, cover damages to the employers’ existing buildings and property and the liability which the contractor may incur. We assist in connection with determining the coverage which must be taken out in accordance with the contract and in all questions in relation to coverage and recourse against liable parties.

We have significant expertise in assisting and providing advise to contractors, employers and insurers on all aspect of CAR-insurance, including:

Conditions and scope of coverage

• Insured damage.
• Exclusions of coverage.
• Special risks.
• Loss of profit.
• Liability issues.
• Coverage of contractors’ liability.

We have many years of experience with court and arbitration proceedings on issues of coverage and damage with respect to CAR-insurance.

We assist in all matters relating to property insurance, including coverage and loss adjustment and also assist clients with recourse claims.

We assist clients in relation to:

• Building damage.
• Damage to and loss of stocks and tangibles.
• All-risk.
• Consequential loss.
• Damage to machinery and equipment.

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We assist in relation to issues involving professional liability, including directors’ and officers’ liability insurance (D&O) and other managerial liability.

We advise clients on all aspects of liability and insurance coverage related to:

• Attorneys.
• Accountants.
• Insurance brokers.
• Property managers.
• Architects and engineers.

Our attorneys have assisted financial institutions in comprehensive liability cases  involving board of directors’ responsibilities.

Cargo insurance

For many years we have assisted clients with all aspects of cargo insurance. Coverage under Institute Cargo Clauses (ICC terms) or Danish Cargo Conditions is closely connected with the provisions of the purchase or sales contract. We provide assistance in relation to:

• Advice on risk issues and in relation to applicable Incoterms.
• Issues of damage to cargo.
• Scope of coverage and claims adjustment.
• Exclusions of coverage.

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Liability insurance

We assist clients with all legal issues related to P&I-, carriers’- and freight forwarders’ liability insurance. For many years we have worked intensively on P&I and FD&D insurance issues in Copenhagen and abroad. We assist clients with:

• Shipper and carrier liability.
• The non insurance covered liability in contracts of carriage.
• Exclusions of coverage.
• Special liability issues.

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Comprehensive and hull insurance

We assist in matters concerning the coverage of damage to ships, offshore platforms and installations, including:

• Collision liability (RDC).
• General average.
• Total loss.
• Machinery damage.

We advise clients on coverage issues in relation to claims under the Nordic Insurance Plan and other hull terms.

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We assist clients of all aspects of insurance due diligence in connection with M&As and other corporate transactions.

We review insurance programmes in order to advise clients on the scope of coverage in relation to the target company’s risk exposure and in relation to regulatory requirements and mandatory insurance coverage. We identify and describe uninsured risks and assist with all issues of warranty and indemnity insurance.

In many transactions the risk will be transferred to other insurance coverage, and accordingly other principles of coverage may apply (claims made, occurrence etc.). We assist clients to ensure that all risks remain properly covered in such processes.

We have considerable experience in reviewing contract clauses and assessing liability in relation to insurance cover.

We assist insurers and pension funds in regulatory and corporate matters and with the transfer of insurance portfolios. We advise and assist foreign insurers in establishing and setting up business in Denmark.

Our services include assistance and advice on:

• Licence to carry out insurance activities.
• Transfer of insurance portfolios.
• Fit and proper issues.
• Collaboration agreements on the provision of insurance coverage.
• Insurance agents and brokers.
• Re-insurance captives.
• Insurance terms and conditions.