Similarly, Stephen Rudman, head of maritime – Asia at Aon, outlined some priority actions, including: issuing formal notices of cancellation under the standard seven-day war clauses on some annual hull war policies; Withdrawal or modification of the existing quoted Additional Premium (AP) for transit through listed high-risk areas; Reinstatement of cover is being offered at materially increased rates; And underwriting scrutiny has been increased for trips in or near sensitive areas, including the possible need for prior approval. “Importantly, this activity is specifically related to combat risk escalation. Unless otherwise advised, the core hull and machinery and P&I cover will remain in place,” he said.
Gulf flashpoint squeezes marine insurance as reinsurers retreat from war risks & more related News Here
