March 20 (Reuters) – Insurance giant Chubb said on Friday its maritime insurance facility will now be available to ships transiting \u200cthe Strait of Hormuz where traffic has been paralyzed \u200cdue to the U.S.-Israel conflict with Iran.<\/p>\n
Chubb will be the lead partner on the \u200bU.S. International Development Finance Corporation’s $20 billion Maritime Reinsurance Plan aimed at resuming commercial shipping in the Gulf, the agency said last week.<\/p>\n
So far, there has been no let-up in hostilities and no sign ships can safely \u200cpass through the Strait \u2060of Hormuz, where about a fifth of the world’s oil passes, raising the risk of the worst disruption \u2060to energy supplies since the oil shocks of the 1970s.<\/p>\n
However, Chubb said their facility will be available under certain conditions, which they did \u200bnot elaborate.<\/p>\n
The \u200bwartime maritime facility will be available \u200bfor hull and liability as \u200cwell as cargo, Chubb said, and coverage will be offered for war hull risk insurance, for war protection and indemnity (P&I) insurance and war cargo insurance.<\/p>\n
Maritime insurance covers ships and cargo against risks such as accidents, piracy or conflict, with shipowners paying premiums that rise as \u200cinsurers assess the likelihood of losses.<\/p>\n
War-risk coverage \u200bis typically excluded from standard policies \u200band must be purchased separately, \u200boften at sharply higher premiums for vessels sailing \u200cthrough conflict zones.<\/p>\n
Without such coverage, ships \u200band cargo worth \u200bhundreds of millions of dollars would be exposed to losses from attacks or seizures, leaving owners and financiers vulnerable and discouraging \u200bvessels from transiting those \u200cwaters.<\/p>\n
Additional American insurance companies for the facility will be detailed \u200bin the coming days, Chubb said.<\/p>\n
(Reporting by Pritam Biswas \u200bin Bengaluru; Editing by Devika Syamnath)<\/p>\n","protected":false},"excerpt":{"rendered":"March 20 (Reuters) – Insurance giant Chubb said on Friday its maritime insurance facility will now be available…\n","protected":false},"author":2,"featured_media":35978,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[131],"tags":[21253,240,353,21252,14313,7142],"class_list":["post-35977","post","type-post","status-publish","format-standard","has-post-thumbnail","category-chubb","tag-cargo-insurance","tag-chubb","tag-international-development-finance-corporation","tag-maritime-insurance","tag-ships","tag-strait-of-hormuz"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ch\/116263346681469586","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/35977","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/comments?post=35977"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/35977\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media\/35978"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media?parent=35977"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/categories?post=35977"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/tags?post=35977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}