Market update
Shipowners’ P&I Notice of Cancellation of the War Protection & Indemnity Cover
Dear Business Partner,
We hereby tender a Notice of Cancellation pursuant to Section 28 (Notice of cancellation and war automatic termination of cover) of Part 3 (War Protection & Indemnity Cover) of the applicable Policy Wording and, if applicable, any addendum thereto as documented in the Certificate of Insurance. This means that there shall be no recovery under the War Protection & Indemnity Cover in accordance with Section 28.
This Notice of Cancellation is applicable for all Shipowners’ P&I policies having a War Protection & Indemnity Cover (Part 3) that includes the JWC Listed Areas. Notice of Cancellation is hereby given effective from today, extending beyond 72 hours and will become effective from Noon GMT, 20 February 2024.
Once Cancellation has become effective, cover under Part 3 (War Protection & Indemnity cover) will be automatically reinstated, but the cover will exclude all loss, damage, liability, cost or expense for Events incurring in below outlined waters of the:
Indian Ocean, Gulf of Aden and Southern Red Sea: the waters enclosed by the following boundaries:
- on the northwest, by the Red Sea, south of Latitude 18°N
- on the northeast, from the Yemen border at 16°38.5’N, 53°6.5’E to high seas point 14°55’N, 53°50’E
- on the east, by a line from high seas point 14°55’N, 53°50’E to high seas point 10°48’N, 60°15’E, thence to high seas point 6°45’S, 48°45’E
- and on the southwest, by the Somalia border at 1°40’S, 41°34’E, to high seas point 6°45’S, 48°45’E
In case you have any questions, please reach out to your underwriter at MSIG Specialty Marine.
Dirk-Pieter Kruijsifix Product Group Leader P&I
