Lloyd's Market Association reports 88% of syndicates are ready to underwrite international war risk policies, ensuring coverage for vessels in conflict zones.
Lloyd's Market Association reports that 88 per cent of syndicates remain willing to underwrite international war risk policies, according to the UK's Seatrade Maritime News.
Neil Roberts, Head of Marine and Aviation at the LMA, stated that war insurance is available for vessels transiting the Strait of Hormuz, countering claims that cancelled or unaffordable cover is preventing ships from moving.
Liability coverage through P&I Clubs remains non-cancellable and reinsured in the London market, although some fixed premium insurers have repriced their policies.
The survey found that 88 per cent of syndicates continue to underwrite hull war risks linked to US and UK vessels, while over 90 per cent remain willing to cover cargo. Pricing varies based on each syndicate's assessment of risk.
Mr. Roberts emphasized that the real issue is crew and vessel safety, not insurance availability. At least 11 fatalities have been reported since the conflict began, including a tug assisting the containership 1,813-TEU Safeen Prestige after an attack.
Concerns persist regarding the availability of salvage vessels and safe refuge ports, which add to the risks faced by shipowners in the region.
