IUMI and the marine insurance community continue to monitor the situation in the Middle East and, in particular, the safety of shipping in the Arabian Sea and Red Sea. As with all shipping interests, the safety of seafarers remains a priority for owners.
Despite recent developments including the pause in talks between the US and Iran and the US blockade of Iranian maritime trade, war cover for hull and cargo in the area remains available for owners and operators wishing to take it. Cover is granted under specific agreement on a single voyage basis. In the current fast-paced situation, insurers will regularly re-examine their ability to provide cover.
It should be noted that IUMI members (in the main) provide property insurance (hull, machinery and cargo) whereas liability insurance is usually covered by Protection & Indemnity Clubs, many of whom operate under the umbrella of the International Group of P&I Clubs.
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