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Counter party risk - background checks

22 January 2016

Among the types of counter party risk that arise when entering into a new fixture or contractual arrangement, are performance risk and credit risk. This guidance focuses on performance and credit risks since these are the most relevant for enabling recovery to be made in P&I and FD&D cases.

Persian Gulf: War risks revisited

21 June 2019

As a result of increasing tension in the Persian Gulf area following recent attacks on two tankers, War Risk underwriters are charging additional premiums (AP) for calls to the Arabian Gulf/Gulf of Oman. Some underwriters are charging a flat rate for all tonnage operating in the area, while others are differentiating based on the type of tonnage, flag and port of call. AP is typically charged as a percentage of the hull value. Underwriters day top value is at present 1%.