London-based shipping insurers have arranged an additional $1 billion in cover for vessels passing through the Strait of Hormuz, a key trade route paralyzed by the war in the Middle East.
Insurance company Beazley will lead a “marine war insurance consortium” which will provide additional cover through the Lloyd’s of London market, a leading global insurance centre.
– The consortium is designed to support the maritime sector with additional war insurance capacities while facing the complex and changing situation in and around the Strait of Hormuz – the statement said.
This coverage will be available to ships and their cargoes during passage through the strait, subject to risk assessment and applicable global sanctions.
Beazley chief executive Adrian Cox said the arrangement would help “keep global trade moving”.
The war significantly increased insurance costs, which are crucial for the functioning of the world transport of goods.
Iran has closed the strait to most ships since the conflict began on February 28, following US-Israeli strikes.
According to UK Maritime Trade Operations, around 30 ships were hit or attacked in the area.
In London, the world’s largest center for marine insurance, experts point out that ships avoid this route primarily for safety reasons, not for lack of insurance.
(Vijesti.ba)
