09
Mar
The marine insurance market has begun responding quickly to the heightened geopolitical tensions in the Middle East, with war risk underwriters taking precautionary steps to manage the evolving risk environment, according to Stephen Rudman, Head of Marine, Asia at Aon. In a reaction note on the current market situation, Rudman said underwriters have started issuing formal notices of cancellation under standard seven-day war clauses for certain annual hull war policies. In addition, some previously quoted Additional Premiums (APs) for vessels transiting through listed high-risk areas are being withdrawn or revised. Where cover is being reinstated, it is often offered at…
