Joining many others in the call for a swift and peaceful end to the current Russian invasion of Ukraine, IUMI made a statement to reassure that marine underwriters will continue to support their assureds during this difficult time.
Considering that the recent Russian invasion of Ukraine is directly impacting global shipping, IUMI also urges all maritime stakeholders to place the safety and welfare of their seafarers and other impacted staff at the very top of their priorities.
”There have been reports of vessels being directly attacked by missiles as well as movements in affected ports being restricted due to local disturbances and a lack of harbour facilities such as tugs and pilots. For the foreseeable future, vessels approaching, departing or alongside at Ukrainian ports are likely to be halted, arrested, detained or attacked by Russian forces. Vessels sailing through high-risk areas are similarly vulnerable. This has the potential to harm crew, vessels and their cargoes.” IUMI explained.
Currently, the flow of accurate information from Ukraine and the surrounding areas is poor making it challenging to fully assess the risk levels for shipping. Insurance companies are seeking continuous updates from a variety of sources including from their assureds and independent security companies.
Marine war risk insurers are monitoring the situation and are able to provide cover in most circumstances as long as information is available and accurate. Vessels entering high-risk areas must notify their underwriters who will assess the risk accordingly.
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