STEAMSHIP MUTUAL UNDERWRITING ASSOCIATION LIMITED Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Registered in England and Wales – Registration number 105461. PRA and FCA registration number 202548) MANAGERS: STEAMSHIP P&I MANAGEMENT LLP is an appointed representative of Steamship Insurance Management Services Limited which is authorised and regulated by the Financial Conduct Authority (Registered in England and Wales – Registration Number OC376859. FCA registration number 597046) Aquatical House, 39 Bell Lane, London, E1 7LU Tel + 44 20 7247 5490 War Risks December 2022 To the Members The Association’s reinsurers have been forced to accept exclusionary language by their own reinsurers for their reinsurance policies which renew on 1 January 2023. This new wording excludes all war risk claims caused by or arising out of the Russia/Ukrainian war, war claims within the war zone and capture, seizure, arrest, detainment and other risks occurring inside and outside of the war zone, within Russia, Ukraine and disputed areas. Our reinsurers have advised us that they are no longer able to offer the Association reinsurance for these risks. The Association therefore regrettably needs to issue notice of cancellation in respect of War risks covered both under its Class 1 Rules and its Charterers Terms and Conditions to ensure its coverage is back to back with the reinsurance available. This new exclusion within the war risk cover does not apply to mutual entries for Protection & Indemnity and Freight, Demurrage & Defence cover, nor to the Association’s Hull War and PLR War covers. The notice will apply to all charterers covers and any owners or charterers ancillary or cover extensions, which include war risks. Pursuant to the relevant Class 1 Rules and Charterers Terms and conditions, the Association hereby gives notice that with effect from 1 January 2023, the terms will be amended to include the following with respect to War Risks: 1. This policy excludes all loss, damage, liability, cost or expense: a. caused by or arising from or in connection with any Russia-Ukraine conflict and/or any expansion of such conflict; or b. in any area or territory or territorial waters where Russian armed forces, Russian-backed forces, and/or Russian authorities, are engaged in conflict within the territories (including territorial waters) of the Russian Federation, Belarus, Ukraine and any disputed regions of Ukraine, the Crimean Peninsula and the Republic of Moldova. c. arising from capture, seizure, arrest, detainment, confiscation, nationalisation, expropriation, deprivation or requisition for title or use, or the restraint of movement of vessels and cargo in the territories (including territorial waters) of the Russian Federation, Belarus, Ukraine and any disputed regions of Ukraine, the Crimean Peninsula and the Republic of Moldova. And 1 Notice of Cancellation (“Notice”) Where this policy insures liability, loss, damage, cost or expense caused by, arising out of or in any way connected with one or more of the following risks: 1.1 war, civil war, revolution, rebellion, insurrection, or civil strife arising therefrom, or any hostile act by or against a belligerent power; Notice of cancellation in respect of War Risks STEAMSHIP MUTUAL UNDERWRITING ASSOCIATION LIMITED Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prude