Viewing a single comment thread. View all comments

red286 t1_j2096rc wrote

Reply to comment by sanjsrik in Ship insurers to cancel war cover for Russia, Ukraine from Jan 1 by josh252

No, international ship insurance covers unanticipated acts of war and/or piracy. The problem is that when you've got a full-blown war with attacks on shipping in a specific area, the amount of losses exceeds what insurers can tolerate, so they'll either cancel coverage in that specific region, or significantly increase fees for coverage in that region.

80

MandoAviator t1_j20ksit wrote

War surcharge will go up to a few hundreds.

Nothing will change

The lines servicing that area will make beaucoup bucks

Source: was in shipping servicing Syria when all hell broke loose. Went from great money to mad money.

51

comped t1_j21wvmh wrote

So, it's essentially like flood insurance if you live in a floodplain then?

9

ActivisionBlizzard t1_j232lnj wrote

This is how all insurance works. Health insurance for a smoker will be higher for example.

1