Steamship Mutual has lined up alternative war risks cover for its charterer protection and indemnity clients operating in the area around the southern Red Sea.
The move comes after it was forced to cancel charterers cover, and other fixed premium policies with war risk extensions, when its reinsurers pulled their backing.
The affected regions are in the southern Red Sea, Gulf of Aden and parts of the Indian Ocean where there have been attacks on shipping.
Gard, Skuld and the West of England P&I Club have also notified fixed premium clients of a cancellation of such policies in the region.
Steamship Mutual’s reinstated charterers cover applies to the southern part of the Red Sea and has a limit of $100m, with an option for $150m, and is charged on a per transit lump sum basis.
There are also several conditions. Appropriate hull war risk cover must be in place, which includes confiscation, entrapment and blocking and trapping risks.
The ship must also have a mutual entry with a member of the International Group of P&I Clubs.
The vessels must not have any Israeli ownership or interests involved, unless there is an agreement with Steamship Mutual.
Houthi rebels attacking shipping in the southern Red Sea and Gulf of Aden have targeted ships with Israeli links.
There must also be no carriage of arms or military equipment, again unless agreed with the insurer.
Skuld has also said it can now reinstate war risks in the Indian Ocean, Gulf of Aden and southern Red Sea for charterers, fixed premium and P&I and yacht covers.
The cover has an aggregate limit of $150m for any one accident or occurrence for each declared voyage.
The other P&I clubs are expected to announce alternative charterers and fixed premium measures shortly.
