Lloyd’s of London stresses it is still insuring shipping in strait of Hormuz

Company at heart of global maritime cover fends off criticism over cancelled policies and sharp price rises There is a price for everything: even the cost of insuring a ship travelling through the strait of Hormuz. Donald Trump’s proposals for the US to provide political risk insurance for seaborne trade in the Gulf may have given the impression a lack of cover was the reason why traffic through the key waterway has almost halted. However, Lloyd’s of London, the heart of maritime insurance globally, emphasises it has not stopped providing contracts to those who ask – although at the right tariff. Fending off criticism over cancelled policies and sharp price rises, Lloyd’s said it still provided insurance cover for hull and cargo for vessels in the Persian Gulf and the Gulf of Oman, including in the strait of Hormuz. However, last week it extended the restricted areas where clients needed to notify insurers to agree an appropriate premium in terms of the risk. About 500 oil and gas tankers, 500 container ships and six cruise ships have been trapped either side of the Hormuz channel since Iran made it a no-go zone by threatening to attack any vessel passing through. Just 66 s