By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Maritime NewsMaritime NewsMaritime News
  • Home
  • Breaking
  • Maritime
  • Ports
  • Offshore
  • Green
  • Shipyards
  • Casualties
Search
  • Contact
  • Blog
  • Complaint
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Reading: Additional insurance premiums in the Black Sea and Sea of Azov reach 5% of a vessel cost
Share
Sign In
Notification Show More
Font ResizerAa
Maritime NewsMaritime News
Font ResizerAa
  • Tech News
  • Gadget
  • Technology
  • Mobile
Search
  • Home
    • Home 1
    • Home 2
    • Home 3
    • Home 4
    • Home 5
  • Categories
    • Tech News
    • Gadget
    • Technology
    • Mobile
  • Bookmarks
  • More Foxiz
    • Sitemap
Have an existing account? Sign In
Follow US
  • Contact
  • Blog
  • Complaint
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Maritime News > Blog > Breaking > Additional insurance premiums in the Black Sea and Sea of Azov reach 5% of a vessel cost
Breaking

Additional insurance premiums in the Black Sea and Sea of Azov reach 5% of a vessel cost

Maritime.News
Last updated: March 16, 2023 7:57 pm
Maritime.News
Share
Photo by: Daniel Yanev | Maritime.bg
SHARE

Additional insurance premiums in the Azov and Black seas reach 5% of a vessel cost, Alexey Karchiomov, Head of International Trade and Customs, Maritime Shipping and Transport Law Practices at EPAM Law Offices, speaker from the Maritime Arbitration Commission at the Chamber of Commerce and Industry of Russia, said at the 3rd Annual Conference “Risks in Maritime Insurance: Best Practices, Russian and International Experiences”.

Besides, ships entering the territorial waters of Russia and certain zones of high military risks outside them are under limited insurance coverage with an expanded list of exclusions from insurance coverage, and denials of insurance in some cases.

Japanese insurance companies earlier stopped offering insurance coverage for ships entering Russian waters but that had a negative impact on supplies of liquefied natural gas (LNG) to Japan, so the insurance of such ship was resumed. Some grain deals were in the same situation.

Insurance companies were also able to impose restrictions on insurance in order to comply with the sanctions imposed on Russia. In particular, additional requirements could be impose, as was the case with Turkey, which demanded letters confirming P&I insurance for the passage of tankers with oil and petroleum products.

In 2022, the Black Sea and Sea of Azov were included into the list of high-risk areas by Joint War Committee (JWC), which includes Lloyd’s Market Association’s (LMA) syndicate members and representatives from London’s insurance company market. That decision was of recommendation character. The territorial sea of Russia was also included into the list of high-risk areas.

You Might Also Like

IMO endorses new protocols designed to lift barriers to crew changes

Turkey – misdeclaration of fuel and potential consequences

Significant crew safety and well-being lessons to be learned from survey

Maersk continues green transformation with six additional large container vessels

Abuse and harassment among key challenges to seafarers’ mental health

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Twitter Copy Link Print
Share
Previous Article Rem Offshore announces multiple contracts for PSV’s
Next Article Jumbo-SAL-Alliance commences Basrah Refinery Upgrading Project shipments for JGC Corporation
Leave a comment

Leave a Reply Cancel reply

You must be logged in to post a comment.

Stay Connected

248.1kLike
69.1kFollow
134kPin
54.3kFollow
banner banner
Create an Amazing Newspaper
Discover thousands of options, easy to customize layouts, one-click to import demo and much more.
Learn More

Latest News

Jumbo installs wind assisted propulsion to Jumbo Jubilee in latest decarbonisation move
Maritime News
ClassNK awards first-ever notation for safe transportation of EVs to MOL’s car carrier ‘CERULEAN ACE’
Maritime News
The international community is suffering a complete failure in the Red Sea and the fight against the Houthis
Breaking Maritime News
“Lila Norfolk”: No piracy attack at all
Breaking Maritime News
Maritime NewsMaritime News
Follow US
© 2024 Maritime.News by Maritime.bg
Join Us!
Subscribe to our newsletter and never miss our latest news, podcasts etc..
[mc4wp_form]
Zero spam, Unsubscribe at any time.
Welcome Back!

Sign in to your account

Lost your password?