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Normally referred to as war risk insurance, this type of insurance is an add-on to the normal hull and machinery insurance. The concept consists of a list of areas for which the insurer assesses that the risks to the ship’s hull are elevated, and for which an added premium will have to be paid.
The latest edition of this clause is the War Risks Clause for Voyage Chartering 2013 (VOYWAR 2013)
The latest edition of this clause is the War Risks Clause for Voyage Chartering 2013 (VOYWAR 2013)
The latest edition of this clause is the War Risks Clause for Time Chartering 2013 (CONWARTIME 2013)
The latest edition of this clause is the War Risks Clause for Time Chartering 2013 (CONWARTIME 2013)
As a result of increasing tension in the Persian Gulf area following recent attacks on two tankers, War Risk underwriters are charging additional premiums (AP) for calls to the Arabian Gulf/Gulf of Oman. Some underwriters are charging a flat rate for all tonnage operating in the area, while others are differentiating based on the type of tonnage, flag and port of call. AP is typically charged as a percentage of the hull value. Underwriters day top value is at present 1%.
In response to the threats arising from the conflict in Yemen, BIMCO, ICS and INTERTANKO have published interim guidance on maritime security in the southern Red Sea and Bab al-Mandeb. Shipowners and operators should be aware of new threat patterns in the area.
The recent seizures of an Iraqi oil tanker and a UK flagged ship by Iranian authorities have further increased tensions in the Gulf following earlier attacks on tankers in Fujairah and the Gulf of Oman. But what are the contractual implications for ships operating in the area?
