Standard Club War Risks 2022/23 renewal

Standard Club has announced its War Risk Class Renewal details for the forthcoming policy year 2022/23.

From February 20th 2022 a 50% reduction will be granted for ships trading exclusively in one of the following areas:

  • Europe (but including the Mediterranean and Black Sea)
  • USA and Canada (excluding Panama Canal transits)
  • Australasia

Extensions to trading outside any of these areas will be covered on the basis of a minimum period of three months.

The additional premium areas with effect from noon February 20th 2022 will be:

  • Benin
  • Gulf of Guinea, as defined
  • Libya
  • Nigeria
  • Somalia
  • Togo
  • Cabo Delgado

Parts of Indian Ocean / Arabian Sea / Gulf of Aden / Gulf of Oman / Southern Red Sea (as defined)

  • Iran
  • Iraq, including all Iraqi offshore oil terminals
  • Israel
  • Lebanon
  • Oman
  • Persian or Arabian Gulf and adjacent waters including the Gulf of Oman west of Longitude 58°E
  • Saudi Arabia (Gulf coast)
  • Saudi Arabia (Red Sea coast) excluding transits
  • Syria
  • United Arab Emirates
  • Yemen
  • Venezuela, including all offshore installations in the Venezuelan EEZ

Nuclear and Cyber Risks

Commencing Noon GMT on February 20th 2022, the International Group’s reinsurers have agreed to provide limited cover for claims which would otherwise have been excluded by each of these Rules 4.D.3 and 4.D.7 subject to a limit of US$50m any one event and in the aggregate of all claims by members of all associations within the Group occurring during the policy year. The US$50m aggregate limit will apply separately to claims under 4.D.3 and 4.D.7.

In order to allow for calculation of aggregated claims, it will be necessary to limit the time for such claims to be presented – all claims must therefore be notified within 30 days of the end of the policy year and, as a consequence, it will only be possible to settle claims after this time.

Full details at:

https://www.standard-club.com/fileadmin/uploads/standardclub/Documents/Import/publications/circulars/2022-standard-club-circulars/12_January_2022_Standard_UK_circular_-_War_Risks_Class_2022-23_Policy_Year_Renewal__002_.pdf