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Saturday, January 20, 2018

WAR RISK SITUATION

The war risk exclusion zone around Iraq will be extended to the AG and adjacent waters as well as the Gulf of Oman North of 24 degrees N. The Gulf of Aqaba and Red Sea, North- and South Yemen, Pakistan, Oman, Syria, Algeria and Egypt were also declared excluded areas. These areas come in addition to any area previously excluded.

In addition War Risk Underwriters have asked that assureds consider paying voluntary increases in the basic annual war risk rates. Rates for the excluded zones will be determined.

Whilst the background for these changes is well understood, some concern exists among tanker owners with regard to the wide areas excluded and applicable rates. INTERTANKO will, together with the International Chamber of Shipping (ICS), meet insurance interests to address issues such as exclusion zones, rate levels and differentiation of rates.

To get a picture of the zones currently excluded take a look at The Norwegian Ship Owners' Mutual War Risk Insurance Association circular 574.

Please click here for a copy of the circular

Contact:  Svein Ringbakken LegalandDocumentary@intertanko.com should you have any questions or comments about the war risk insurance situation or relevant charter party provisions or interpretations.