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Thursday, January 18, 2018

** INTERTANKO AND ICS MET WITH REPRESENTATIVES FROM THE LONDON MARKET WAR RISK UNDERWRITERS AND BROKERS ON 25 SEPTEMBER 2001

The meeting with the London market war risk underwriters and brokers was instigated by INTERTANKO and ICS to seek a dialogue on issues of concern to shipowners with respect to the potential increases in the annual premiums and the considerably amended war risk trading warranties. INTERTANKO and ICS were represented by the Chairmen of their respective Insurance Committees as well as members of the Associations’ secretariat.

A report of that meeting is available for INTERTANKO members http://www.intertanko.com/members/legaldocumentary/insurance/

Our advise to members is to keep in regular contact with their insurance brokers as the situation is by no means stable. INTERTANKO's Insurance Committee is set to meet on 4 October 2001, where this issue will be discussed in depth. As and when further information is available members will be kept advised.

A further issue that members should consider is the extent of any war risk cover that is included in their P&I cover. Members are advised to contact their P&I club for clarification.

Request for information

We understand that there is a great divergence of AP rates in the market and also variations as to whether underwriters will not charge AP in particular zones in an otherwise AP area. INTERTANKO invites and encourages members to provide information on this aspect of cover and in particular significant variations from standard terms. We would like to reassure members that the source of such information will not be disclosed to any third party.

Contact: Members should contact Svein Ringbakken.