Nature Hazards Compensation Act (No. 59 of 2014). Country/Territory Norway Document type Legislation Date 2014 Source FAO, FAOLEX Subject Environment gen. Keyword Hazards Resource/damage valuation Liability/compensation Geographical area Europe, Europe and Central Asia, North Atlantic, North Sea, North-East Atlantic, Northern Europe Entry into force notes HRH the King shall establish entry into force of this Act. Abstract The Act sets regulations on governmental compensations for natural disasters, and has the goal of providing compensation so that the claiming parties may continue their operations. Compensation shall be disboursed for Svalbard and Jan Mayen. Compensation shall not be paid if it is possible to insure against damage by a general insurance scheme. This Act does not cover damages affecting crops, nor storm damage to forests, and does not include oil trade. If following a major natural disaster, sufficient funds to cover the claiming party’s requirements are not allocated, compensation may be reduced. Reductions of compensation may apply for injuries that occur later in the current and the upcoming budget year. This decision may not be appealed. In a dispute over who has the right to nature hazard compensation, owners shall have priority. This does not apply if parties or licensee by agreement are entitled to recover the damage. Full text Norwegian Website www.lovdata.no References - Legislation Amends Act No. 7 of 1994 on insurance and compensation for damages caused by natural events (Nature Damage Act). Legislation | Norway | 1994 (2011) Keyword: Forest fires, Special fund, Agricultural development, Plant production Source: FAO, FAOLEX