The content of our Circular issued on 16 February 2024 is added in red as follows;

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The Association’s reinsurers have regrettably decided to terminate their support in respect of certain war risks within the Indian Ocean, Gulf of Aden and Southern Red Sea. As a result, the Association have to issue notice of cancellation as per relevant Notice of Cancellation Clause in respect of War Risk cover on all non-mutual business.

Relevant Covers
All non-mutual business including but not limited to Special Cover for Charterers, Fixed Premium P&I cover and Non-Poolable extensions and ancillary covers to mutual entries.
Coverage changes do not apply to mutual entries for P&I and FD&D cover.

Effective Date
Notice of Cancellation (“Notice”) is hereby given effective from today and will come into force with effect from Noon GMT, 20 February 2024.

Upon expiry of the Notice at Noon GMT, 20 February 2024, the War Risk cover for Assured(s) entered for risks under the Relevant Covers will be terminated automatically for the Assured(s) trading or being within the territorial waters of any of the following countries or places (“Designated Area” including any port area that at the date of this notice constitutes part of such a country or place however it may hereafter be described):

Indian Ocean, Gulf of Aden and Southern Red Sea

The waters enclosed by the following boundaries:

1. on the northwest, by the Red Sea, south of Latitude 18°N
2. on the northeast, from the Yemen border at 16°38.5'N, 53°6.5'E to high seas point 14°55'N, 53°50'E
3. on the east, by a line from high seas point 14°55'N, 53°50'E to high seas point 10°48'N, 60°15'E, thence to high seas point 6°45'S, 48°45'E
4. and on the southwest, by the Somalia border at 1°40'S, 41°34'E, to high seas point 6°45'S, 48°45'E

The Association is exploring a solution to provide a buy back cover of the above excluded risks for Members through the reinsurance market.

This Notice applies to War Risk cover only, and all other terms of the cover remain unchanged. This Notice does not alter the position of any other area currently restricted or excluded under respective policies.