Insurance cancelled

[Grumpy]

 http://www.theguardian.com/business/2022/dec/28/insurers-end-war-risk-cover-for-shipping-in-ukraine-invasion-territories

 It is the first time reinsurers have had an opportunity to cancel coverage for clients since Russia invaded Ukraine in February, given that most contracts run on a 12-month basis and renew on 1 January.

The UK club notice explained there would no longer be coverage for loss or damage arising from the war in Ukraine, or in any territory where Russian forces are engaged in conflict across Russia, Belarus, Ukraine and the Republic of Moldova. That includes any seizures, arrest or restrained movement of ships and cargo in those regions.

In a notice to its members last week UK P&I club said: “Due to the impact of losses from the Russian/Ukrainian situation affecting the availability of global insurance and reinsurance capacity, the club’s reinsurers are no longer able to secure reinsurance for war risk exposure to Russian, Ukrainian or Belarus territorial risks.”