War risk premiums may rise - Reuters

Jan 09 2020

payments known as war risk premiums for tankers shuttling through the Strait of Hormuz could rise significantly, Reuters reports.

Ship owners pay annual war-risk insurance cover as well as an additional ‘breach’ premium when entering high-risk areas. These separate premiums are calculated according to the value of the ship, or hull, for a seven-day period.

Ship insurers have quoted the breach rate for 7 days at around 0.35% of insurance costs, up from about 0.15% in December, a London-based shipbroker said.

Reuters article

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