Mideast Ship Insurance Costs Jump Following Iran-Israel Attacks
The cost of insurance for ships sailing in the Persian Gulf jumped as attacks between Iran and Israel raised risks for vessels in the area.
Underwriters are now charging 0.2% of the value of a ship for calls into the Gulf, up from 0.125% prior to the conflict breaking out, according to Marcus Baker, global head of marine cargo and logistics at Marsh McLennan, the largest insurance broker. Rates have also climbed for calls into the Red Sea, he said.
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