The Lloyd's Market Association Joint War Committee has not introduced an additional premium on Hull & Machinery war risk policies for transits through the Persian Gulf. As of today (26 July), the Red Ensign Group is urging all operators of British-flagged vessels who are concerned about hull war risks insurance premiums to speak with their lead Underwriter or Broker.
A spokesman for the Red Ensign Group said: ‘It’s possible that some lead underwriters are applying an additional rate in response to their risk appetite. However, given that the latest advice from the Department for Transport on 24 July confirms that British-flagged vessels are now being escorted through the transit of the Strait of Hormuz, we would advise all our operators to contact their lead Underwriter or Broker as a matter of urgency.
The Red Ensign Group will continue to work with all its operators as part of its commitment to customer care.