Strait strain: Premiums could be hiked, revoked war covers hit trade
MUMBAI: Insurers are bracing for “notice of cancellation” clauses to be invoked on war-risk covers and for multifold increases in war-risk premiums in the wake of conflict in the Persian Gulf. Some marine war-risk insurers have already issued cancellation notices for ships transiting the Strait of Hormuz after the strikes amid fears of Strait closure,…