Lloyd's Launches $400 Million Hormuz War Risk Cover, Led by Chubb
Updated
Updated · Insurance Journal · Jun 19
Lloyd's Launches $400 Million Hormuz War Risk Cover, Led by Chubb
3 articles · Updated · Insurance Journal · Jun 19
Summary
$400 million in new Lloyd’s marine war risk capacity will cover vessels and cargo moving through the Strait of Hormuz, with Chubb leading the consortium.
The facility offers primary policies with up to $200 million each for hull and P&I risks, plus another $200 million dedicated to cargo.
Lloyd’s said the consortium is meant to help brokers and clients navigate fast-changing Middle East threats, including war, terrorism and piracy affecting ships, crews and cargo.
Chubb already leads a separate U.S.-backed maritime insurance facility that was expanded in April to $40 billion, underscoring rising demand for protection on key shipping routes.