P&I clubs plan five-fold increase on excess war risk cover
International Group P&I clubs will increase the minimum deductible on excess war risks P&I cover from the February renewal, from $100m to $500m, or the value of the ship if that is less.
The move will require owners of ships that are worth more than $100m to buy higher value cover on their first layer of war risk insurance.
INSURANCE TERMS AND CONDITIONS, INCLUDING THE COVER LIMIT OF $500M, WILL REMAIN UNCHANGED.
International groups P&I clubs will increase the minimum deductible on excess war risks P&I cover by five-fold from next month’s renewal.
The level will rise to $500m, or to the value of the vessel if it is less than $500, from $100m.
In practical terms, the move will require owners of ships worth more than $100m to buy higher value cover on their first layer of war risk insurance until the P&I layer kicks in.
In most other respects, terms and conditions — including the cover limit of $500m — remain unchanged.