EMEA News
Maritime Insurer Skuld Cancels Certain War Risk Cover in Red Sea Area
Marine insurance provider Skuld has cancelled certain war risk coverage in parts of the Red Sea, Gulf of Aden and Indian Ocean amid recent vessel attacks in the region.
The cancellation will take effect in 72 hours from 00:01 GMT on August 16, it said in an emailed update on Wednesday.
“In light of concerning developments in the Red Sea area, which have materially increased geopolitical and operational uncertainty, the Association has received a notice of cancellation from its reinsurers in respect of certain commercially reinsured war risks,” Skuld said.
“It is therefore necessary for the Association to issue a corresponding Notice to Assureds.”
A cargo ship, Tihamah, was struck by the Houthis off the coast of Yemen yesterday, leading to the death of four crew members.
The notice applies to certain fixed-premium assureds, including owners, charterers, offshore and yacht risks.
Skuld said the cancellation does not affect mutual P&I, FD&D or Excess War Risks cover.
The insurer is also finalising a buy-back option that would allow affected assureds to reinstate the cancelled war-risk cover.
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