Some war-risk insurers, 7month 8day recommend temporarily suspending navigation on the Hormuz route
Some war-risk insurers 7month 8day recommended that shipowners temporarily suspend navigation on the Hormuz (Strait of Hormuz) route, citing recent attacks. The recommendation could directly affect insurance costs and operating decisions for vessels transiting the route.
Some war-risk insurers 7month 8day recommended that shipowners temporarily suspend navigation on the Hormuz route. The recommendation reportedly came immediately after vessel attacks occurred in the area recently.
The recommendation applies to routes passing through Hormuz, and the specific vessels covered and scope of the recommendation reportedly differ by insurer. The recommendation is known to have been communicated as an insurer recommendation rather than a compulsory measure.
War-risk insurance covers special risks such as conflicts, attacks, and acts of piracy. It is often purchased separately from, or applied additionally to, ordinary marine insurance.
Recent attacks in the waters around the Strait of Hormuz are cited as the backdrop to the recommendation. The report says the recommendation is influencing decision-making by shipowners, the shipbuilding industry, and the insurance market.
The statement did not include any remarks directly linking the recommendation to legally binding measures or to route controls by individual countries. The possibility has been raised that further disclosures from relevant industries and operating notices from shipping companies will follow.
No additional information, such as a list of the insurers that have issued the recommendation or specific figures for premium increases, has been disclosed so far. The situation could change if shipowners or insurers issue announcements in the future.
Sources: Reuters
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