I wonder if insurers already listed clauses to contracts protecting themselves from claims resulting in the destruction of tankers whose owners might choose to navigate through dangerous war zones.
And, if so, I would imagine the owners of those tankers would be well aware of this.
There’s a common clause in most commercial B2B agreements called “Force Majeure” which protects one or more parties in case of an unforseen event. War is usually one of the points in such a clause.
I wonder if insurers already listed clauses to contracts protecting themselves from claims resulting in the destruction of tankers whose owners might choose to navigate through dangerous war zones.
And, if so, I would imagine the owners of those tankers would be well aware of this.
There’s a common clause in most commercial B2B agreements called “Force Majeure” which protects one or more parties in case of an unforseen event. War is usually one of the points in such a clause.
Fun fact, war is a commonly excluded cause of loss in insurance policies.
Pretty sure most ship insurers have suspended coverage for vessels around that area.