Recent events in the Middle East and in the Strait of Hormuz have led reinsurers and insurers to limit insurance coverage related to maritime transport.

EXCLUSION OF WAR, STRIKES, RIOTS AND CIVIL COMMOTION (WSRCC) COVERAGE
Following the suspension by major reinsurers of ‘War, Strikes, Riots and Civil Commotion’ (WSRCC) cover under marine insurance policies, many insurers have unilaterally excluded these guarantees from existing contracts, subject to seven (7) days’ notice.

IMPACTED SHIPMENTS AND CARGO
Damage that may occur to cargo transported through certain areas of the Middle East is no longer covered against WSRCC risks.
Maritime shipments to, from, or transiting through the following countries and areas are affected:
• Kuwait, Bahrain, Qatar, Doha, Abu Dhabi & United Arab Emirates, Jordan, Oman, Saudi Arabia (including all their territorial waters and airspace).
• Strait of Hormuz, Persian Gulf, Red Sea, Gulf of Aden, Bab el-Mandeb Strait, Gulf of Oman, Northern Arabian Sea (north of 10°N and east of 50°E).
ANTICIPATING MARKET DEVELOPMENTS
As insurers notify the suspension of this cover, OLEA will keep you informed of the implications for your existing policies and continues to closely monitor potential insurance alternatives that certain countries are seeking to implement.
OLEA teams remain at your disposal for any clarification at the following address: enquiries@olea.africa
OLEA teams remain at your disposal for any clarification at the following address: enquiries@olea.africa