We hereby inform you that both our reinsurers have issued a notice of cancellation which states that cover for War Risks for Fixed premium entries (including but not limited to Charterers) is cancelled as per January 1, 2023.
From January 1,2023 the War Risk cover for the Fixed Premium entries (again including but not limited to Charterers) will be reinstated subject to the following exclusion in relation to Russia, Ukraine and Belarus:
This cover excludes all loss, damage, liability, cost or expense:
(a) caused by or arising from or in connection with any Russia-Ukraine conflict and/or any expansion of such conflict; or
(b) in any area or territory or territorial waters where Russian armed forces, Russian-backed forces, and/or Russian authorities, are engaged in conflict within the territories (including territorial waters) of the Russian Federation, Belarus, Ukraine and any disputed regions of Ukraine, the Crimean Peninsula and the Republic of Moldova.
(c) arising from capture, seizure, arrest, detainment, confiscation, nationalisation, expropriation, deprivation or requisition for title or use, or the restraint of movement of vessels and cargo in the territories (including territorial waters) of the Russian Federation, Belarus, Ukraine and any disputed regions of Ukraine, the Crimean Peninsula and the Republic of Moldova.”
It is important to note that the above will only impact the Fixed Premium entries (including Charterers), the mutual excess P&I War cover will remain as it is.
As the rule numbers and exact wording may vary between reinsurers we invite all fixed premium insureds and charterers to contact the Underwriting department for specific questions via firstname.lastname@example.org