Due to the crisis in the Middle East, we have to inform you about the impact that this situation is having on insurance costs.

In particular, standard insurance coverage excludes the risks of War/Terrorism/Piracy for shipments destined for/coming from and/or passing through areas classified with risk greater than equal to 3.2, as can be found on the website https://watchlists.ihsmarkit .com/watchlists-viewer

As you can see from the table, the high risk is not only related to transits in the Red Sea, Gulf of Aden and Indian Ocean (risk 4.4), but also in the Persian Gulf, Gulf of Oman and Arabian Sea (risk 3.5) as a consequence, ships, which are increasingly opting to circumnavigate Africa to avoid the Red Sea, may transit in areas, which standard insurances don’t cover.

Insured shipments may therefore be subject to a surcharge, linked to the integration of the insurance premium necessary to cover the war/piracy risk, those fares will be defined from time to time by the insurance company and they will depend on the type and value of the shipment.

GM International team is available to provide you with all the necessary details and the estimate cost of the insurance premium.