Recovery apportionment

Under the Nordic Plan's Clause 5-13, any recovery is to be apportioned between the insurer and the assured in proportion to the loss that each has carried. In the normal case where compensation to the assured is subject to a deductible this means that the assured will participate in any recovery from a third party in the proportion that the amount of the deductible bears to the amount of the compensation paid by the insurer. Costs associated with the recovery are apportioned using the same method. 

ITCH’s Clause 12.3 states that any recovery shall be credited first 100% to the underwriter, and only thereafter to the benefit of the assured.