Leading marine insurer Hiscox is offering a new loss-of-hire product that covers shipping against the threat of seizure by a nation state as has recently been witnessed in the Middle East Gulf.
Days after the seizure of the 50,000-dwt Stena Impero (built 2018) by Iranian Revolutionary Guards, Hiscox has launched the policy Malicious Vessel Seizure to cover-loss-of hire costs and provide support for shipowners.
Hiscox said the policy would also cover crisis management and government liaison and support for families of the victims.
The additional support services will be provided through crisis management consultancy company Control Risks.
Stuart Bisson, head of Hiscox Special Risks in Europe, said the policy "provides ship owners and charterers with the reassurance of knowing that they have the resources and expertise of Control Risks to help them manage the crisis as well as the financial support of Hiscox to meet their loss of hire costs”.
Standards war risk insurance provides hull and machinery and protection and indemnity cover for vessels but not loss-of-hire or delay insurance.
However, war risk can be included in delay and loss-of-hire cover.
Delay insurance specialist the Strike Club, a part of the Standard Club mutual, recently announced that it would maintain its cover for vessels trading in the high-risk area around the Strait of Hormuz.
TradeWinds earlier reported how the heightened risk in the Middle East Gulf had seen war risk rates treble for tankers trading in the region.
