War Risk P&I – Notice of cancellation and inclusion of the Territorial and Conflict Exclusion Clause

In accordance with the 48 hours cancellation clause a Notice of Cancellation to war risk afforded under the following covers:

1. Protection and Indemnity (P&I) Insurance.
2. Charterers’ Liability Insurance.
3. Freight, Demurrage and Defence (FD&D or Defence) Insurance.

is hereby given on 5 January 2023 and will come into force with effect from 00.00 hours CET on 7 January 2023.

This Notice of Cancellation shall apply to all persons or companies named as Assureds and/or Coassureds in the P&I Certificate(s) of Insurance (or – where applicable – Insurance Policy(ies)). 

If the above-referenced policy is a reinsurance, the terms “Assured” and “insurance” shall be deemed to be amended to read “Reassured” and “reinsurance” respectively. This Notice of Cancellation applies to the war risk cover of the above-mentioned covers only, all other terms of the relevant cover remain unchanged.

Upon expiry of the notification period at 00:00 hours CET on 7 January 2023, the war risk cover will be reinstated, and the clause as set out below will be automatically incorporated in all Certificate of Entry(s) and (ies) of Insurance effective 1st January 2023:

TERRITORIAL AND CONFLICT EXCLUSION CLAUSE

1. This Insurance excludes all loss, damage, liability, cost or expense:

a. caused by or arising from or in connection with any Russia-Ukraine conflict and/or any expansion of such conflict; or

b. in any area or territory or territorial waters where Russian armed forces, Russian backed forces, and/or Russian authorities, are engaged in conflict within the territories (including territorial waters) of the Russian Federation, Belarus, Ukraine and any disputed regions of Ukraine, the Crimean Peninsula and the Republic of Moldova.

c. arising from capture, seizure, arrest, detainment, confiscation, nationalisation, expropriation, deprivation or requisition for title or use, or the restraint of movement of vessels and cargo in the territories (including territorial waters) of the Russian Federation, Belarus, Ukraine and any disputed regions of Ukraine, the Crimean Peninsula and the Republic of Moldova.

In the absence of notice in writing having been received from the Assured prior to the expiry of the notification period the inclusion of the Territorial and Conflict Exclusion Clause shall be deemed to have been endorsed Cover for war risks that fall outside of the above exclusion remain unchanged following the reinstatement, subject to the other exclusions as set out in the relevant Certificate of Insurance or Policy of Insurance.

QUESTIONS?
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ABOUT EF MARINE
EF Marine provides Fixed Premium P&I solutions to Shipowners, Charterers and MultiModal operators. EF Marine has a global client base and offices in Singapore and Rotterdam. EF Marine provides ‘AA-‘rated security from Swiss Re Corporate Solutions with limits up to USD 500m. Through our partnership with Swiss Re Corporate Solutions we provide our clients with first class security combined with EF Marine’s extensive knowledge of the P&I market.