India's GIC Re withdraws marine hull war cover in high-risk regions
Change
India's GIC Re withdrew Marine Hull War Risk cover for seven designated high-risk zones, effective 7 pm India time on March 3, and specified that any vessel transiting, calling at, or dry-docked in those zones will be treated as a breach of warranty under its policies.
Why it matters
The withdrawal creates an immediate gap in war-risk protection for voyages through key corridors, leaving physical damage from hostilities, terrorism, and piracy potentially uninsured. Ship operators and charterers must therefore secure replacement underwriting or alter voyage plans to avoid exposure in the listed areas.
Implications
- • Shipowners' insurance and risk-management teams must procure alternative war-risk hull cover for voyages through the listed zones before departure or accept uninsured war exposures.
- • Indian-flag vessel operators must implement the Directorate General of Shipping advisory actions by conducting risk assessments, security drills, and testing alert systems for transits near the affected zones.
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Topics
Security & Defense Regulatory Actions Supply Chain & Logistics Insurance