The Strike Club informed that it will continue to provide marine delay insurance for operators in the Straits of Hormuz between the Gulf of Oman and the Persian Gulf. The Club reached this decision, despite rising political tensions in the area and recent attacks on six tankers.
As Chairman Alan Le Guillard, said, none of the Club’s 2,000 entered ships has faced issues in the Gulf region, in spite of the current disruption from recent events. He added that the cover the Club provides will not change.
What is more, many operators have already decided to include war risks in their delay insurance policies, so in case the situation in the Gulf becomes worse, they will continue to have cover.
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Namely, two oil tankers were hit in a suspected attack in the Gulf of Oman on Thursday, 13 June, leaving the one vessel ablaze and both adrift. The incident came amid an ongoing tension in the Middle East, only a month after a similar incident in which four tankers in the region were struck.
Furthermore, Vice President and Vice Chairman Hugh Williams, who is about to take over from Le Guillard, noted that mutual marine delay insurance still provides shipowners and charterers with a cost-effective way of complementing their P&I and hull and machinery cover. He explained that for the price of a few days hire, this insurance provides a full year of protection against the cost of unexpected delays up to 21 days, on board and ashore.
In today’s increasingly volatile trading environment, it is vital for shipowners and charterers to protect their revenues should their vessels get held up by strikes, port closures, collisions, alleged pollution, cyber-attack, war and other unexpected delays – and in the most cost-effective way possible
Mr. Williams concluded.
