We hereby inform you that as of 20 February 2023 the level of cover available under the Excess War P&I cover has been amended.
Although War Risk related claims are excluded from NNPC’s P&I cover on the basis of Article 33 of NNPC’s Insured Risks class 1 our members can still benefit from the Excess War P&I cover that is provided by our reinsurers.
This cover has a limit of USD 500 million per occurrence per vessel. However, due to the ongoing war between Russia and Ukraine and the risks involved this limit has now been reduced to USD 80 million per occurrence per ship as of 20 February 2023 when passing through or calling at any of the following areas:
- Sea of Azov and Black Sea waters plus inland waters enclosed by the following boundaries:
a) On the west, around Romanian waters, from the Ukraine-Romania border at 45° 10.858’N, 29° 45.929’E to high seas point 45° 11.235’N, 29° 51.140’E
b) thence to high seas point 45° 11.474’N, 29° 59.563’E and on to high seas point 45° 5.354’N, 30° 2.408’E
c) thence to high seas point 44° 46.625’N, 30° 58.722’E and on to high seas point 44° 44.244’N, 31° 10.497’E
d) thence to high seas point 44° 2.877’N, 31° 24.602’E and on to high seas point 43° 27.091’N, 31° 19.954’E
e) and then east to the Russia-Georgia border at 43° 23.126’N, 40° 0.599’E
- All inland waters of Ukraine
- Inland waters of Russia within the following areas:
a) Crimean Peninsula
b) River Don, from Sea of Azov to vertical line at 41° E
c) River Donets, from River Don to Ukraine border
- All inland waters of Belarus south of horizontal line at 52° 30’ N
Outside these areas, the usual limit of USD 500 million will remain in place. As the specific wording and clauses vary between our reinsurers we kindly ask all our members with questions on this topic to contact the Underwriting department via email@example.com.
The above mentioned limitation of cover only applies to NNPC’s IGA members. As mentioned in this article there is no Excess War P&I cover for Fixed Premium insureds or Charterers.