pi_circular Compliance & regulationGeopolitical risk London P&I Club
The London P&I Club is the trading name of The London Steam-Ship Owners' Mutual Insurance Association Limited and its subsidiary The London P&I Insurance Company (Europe) Limited. The London Steam-Ship Owners' Mutual Insurance Association Limited. Registered in England No 10341. Registered Office: 50 Leman Street, London, E1 8HQ. The London P&I Insurance Company (Europe) Limited, a private limited liability company registered in Cyprus, No HE410091. Registered Office: Victory House, Office 321, 205 Archbishop Makarios Avenue, 3030 Limassol. 13 February 2024 TO ALL MEMBERS AND FIXED PREMIUM ASSUREDS Dear Sir or Madam Notice of Cancellation of Cover in respect of certain War Risks The Association’s re-insurers have issued a Notice of Cancellation in respect of certain War Risks covers for Fixed Premium Assureds. This Circular therefore constitutes the Association’s corresponding Notice of Cancellation under all relevant covers. Relevant Covers This Notice applies to all Owners’ Fixed Premium P&I and Charterers’ CSL covers, and any extensions/ancillary covers as may have been agreed by the Association, where cover is extended to include War Risks (‘Relevant Covers’). For good order, this Notice does not apply to mutual P&I, War and FD&D cover and the Excess War Risks cover afforded to Assureds with mutual P&I cover. Effective Date Notice of Cancellation is hereby given effective from today, extending beyond 72 hours and will come into force with effect from Noon GMT, 20 February 2024. War Risks Terminated Upon expiry of the Notice of Cancellation at Noon GMT, 20 February 2024, the War Risk cover for Assured(s) insured for risks under the Relevant Covers, above, will be terminated automatically for Assured(s) trading or being within the territorial waters of any of the following countries or places (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: a) on the northwest, by the Red Sea, south of Latitude 18°N b) 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 c) 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 - 2 d) 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 excepting coastal waters of adjoining territories up to 12 nautical miles offshore unless otherwise provided. This Notice does not alter the position of any other area currently restricted or excluded under respective policies. All other terms and conditions remain unchanged. Reinstatements We are working on the details of the buy-back option reinstating the cover. Please contact your underwriter for further details. Yours faithfully A BILBROUGH & CO LTD (MANAGERS) 5:643
Circular 5:643: Notice of Cancellation of Cover in respect of certain War Risks
London P&I Club
Read full article at London P&I Club →
Opens London P&I Club in a new tab