Similarly, Stephen Rudman, head of marine – Asia, at Aon, outlined some of the primary actions that have been taken including: issuance of formal notices of cancelation under standard seven-day war clauses on certain annual hull war policies; withdrawal or revision of existing quoted Additional Premiums (APs) for transits through listed high-risk areas; reinstatement of cover being offered at materially increased rates; and heightened underwriting scrutiny for voyages into or near sensitive zones, including potential requirement for prior approval. “Importantly, this activity relates specifically to war risk extensions. Core hull and machinery and P&I covers remain in place unless otherwise advised,” he said.
Gulf flashpoint squeezes marine insurance as reinsurers retreat on war risk
