marine cargo insurance

Iran has introduced 'Hormuz Safe', a digital insurance platform. Commercial ships can now use this system to pass through the Strait of Hormuz. Payments are accepted in cryptocurrency like Bitcoin. This initiative aims to manage the waterway commercially. It is expected to generate significant revenue for Iran. The platform ensures secure cargo transits through cryptographic verification.

India is preparing to send ships through the Strait of Hormuz to secure vital crude oil and energy cargoes amid ongoing disruptions. The government is finalizing plans for Indian vessels to navigate the waterway, which handles a significant portion of global oil flows, as shipping activity has slowed due to the Iran conflict.

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India is the only major oil importing country to have not raised prices through the West Asia crisis. With polls now over, the government may have no choice but to pass the cost of rising crude to to the consumer

Commercial shipping through the Strait of Hormuz faces immense risks despite remaining technically open, with Indian vessels experiencing significant disruptions and safety concerns. Seafarers exhibit hesitation due to past incidents, impacting normal traffic flow and leading to increased operational costs for shipowners.

A recent conflict has shifted control of the vital Strait of Hormuz. Iran may now charge transit fees for ships passing through. This follows a US-Iran ceasefire agreement. The situation signals a significant change in regional maritime control. Global oil trade routes are impacted by these developments.

A temporary ceasefire between Iran and the US is reshaping global markets. Oil prices have dropped significantly as the Strait of Hormuz sees cautious reopening. Stock markets worldwide are experiencing a strong rally, with Indian markets showing substantial gains. This development offers relief from geopolitical tensions and supports economic stability.

According to a government official, multiple options are under consideration, with any decision on establishing such a facility likely to be taken only after the Strait of Hormuz route reopens.

Following India's Operation Sindoor, insurance companies are experiencing a surge in inquiries for war risk insurance. While cargo in transit can still be covered with additional premiums, underwriters are hesitant to provide war risk cover for landed property due to clauses excluding events proximate to war. Reinsurance treaties may be affected during wartime, potentially leading to higher marine cargo insurance rates.

The Cuddalore district Consumer Disputes Redressal Commission has directed United India Insurance Company to pay Rs 1.65 crore to the complainant for a cargo sailing vessel, along with 9% interest. The commission also ordered the payment of Rs 1 lakh for service deficiency and wrongful termination of the marine insurance policy, as well as Rs 10,000 as litigation costs. The complainant had obtained a hull machinery marine insurance policy and paid a part premium of Rs 46,064. The vessel sank along with its cargo due to adverse weather conditions. After a survey assessment, the insurance company rejected the claim, but the commission found the rejection to be arbitrary and unfounded.

Reinsurers, P&I Clubs Cancel War Cover, In 'Wait & Watch' Mode

While Iran claims it hasn’t deployed mines in the waterway so far, the deployment of the floating explosive devices could paralyse trade in the region.

Move Aimed At Protecting Buyers From Disruptions