We set out below an update on changes to war coverage provided by P&I Clubs following the attacks on Iran and Iran's subsequent retaliation against Gulf States which support US military bases.
Position on Cover
We set out these changes separately for mutual owned coverage and for non-mutual covers offered by individual IG P&I Clubs, including those for Fixed Premium P&I, Charterers’ cover as well as for other ancillary coverages:
Mutual Owned cover:
- IGP&I Clubs mutual cover includes access to the Excess War P&I reinsurance. The cover provided under this reinsurance cover has not been amended following the attacks on Iran and therefore continues to offer the same protection as was provided previously as set out by individual Clubs in their relevant Rules of Entry. This cover is free and unlimited.
- Typically, as an underlying cover to the Excess War P&I, Owners arrange separate ‘Primary War P&I’ cover either via a War Mutual or via the commercial insurance market. The International Group understand that these insurers have issued notice to amend the Listed Area affected by the conflict, with new rates being arranged for voyages within the affected area.
Non mutual covers:
- A number of IG P&I Clubs offer other coverages, either for Charterers, Owners on a Fixed Premium basis, or for other non-mutual activities.
- We refer Members and Insureds to their relevant Club and/or insurer for more details accordingly.
Crew Welfare
Updates on the impact of the conflict on vessels and seafarers, including numbers of verified incidents and links to resources such as industry guidance and statements, are available on the IMO's website:
https://www.imo.org/en/mediacentre/hottopics/pages/middle-east-strait-of-hormuz.aspx
