Several major marine insurers and P&I clubs have issued cancellation notices for war-risk cover for vessels trading in Iranian waters and parts of the Persian Gulf, citing a sharp deterioration in the regional risk picture.
According to industry notices referenced by Reuters, the measure affects the war-risk component of cover (separate from standard P&I terms) and is set to take effect from 00:00 GMT on March 5, 2026. Clubs mentioned include Gard, Skuld, NorthStandard, London P&I Club and the American Club.
Some insurers are evaluating buy-back arrangements, allowing owners to re-purchase limited war-risk protection for specific voyages at additional premium, while the broader market is bracing for higher insurance costs, possible route adjustments, and operational delays in high-risk areas.
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