Insurers Tighten War Risk Terms Across The Red Sea And Western Indian Ocean
Marine insurers have cancelled and rewritten war risk covers across the southern Red Sea and western Indian Ocean, including a twelve-month wait before a seized ship counts as a total loss.
Thai Owner Receives 11 Million Dollar War Risk Payout For Hormuz Casualty
A Thai owner has received a war risk payout of about eleven million dollars after one of its bulk carriers was attacked in the Strait of Hormuz.
War risk cover becomes the Gulf's decisive constraint
Rising war risk premiums and tightening insurance cover may now pose a greater obstacle to Gulf shipping than missiles or blockades.
Marine insurers move to ban payments to Iran for Hormuz transits
Underwriters at Lloyd's Market Association have introduced a new clause allowing insurers to cancel cover for ships found to have made payments to Iran for safe passage through the Strait of Hormuz.
Marine insurers' bid for Thomas Miller wins shareholder backing
A joint offer by two marine insurance mutuals to acquire Thomas Miller Holdings has won acceptances of more than 89% from shareholders.
Thomas Miller shareholders back UK Club and TT Club takeover
UK P&I Club and TT Club have won strong shareholder support for their acquisition of Thomas Miller Holdings, with acceptances now above 89%.
IMO and Oman orchestrate phased reopening of Hormuz
A US-Iran memorandum and a temporary Oman/IMO corridor are lifting Strait of Hormuz transits to their highest since the February closure, though Allianz warns of a structural shift in maritime risk.
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