From gCaptain, March 11:
Washington’s effort to restore commercial shipping through the Strait of Hormuz took a key step forward Wednesday after the U.S. International Development Finance Corporation announced that Chubb Limited will serve as the lead insurance partner for the government’s $20 billion maritime reinsurance program aimed at reviving vessel traffic through the conflict-hit Gulf.
The program, first unveiled last week as missile and drone attacks triggered a collapse in commercial transits, is designed to provide a federal backstop for war-related maritime risks that private insurers have increasingly struggled to cover amid the escalating conflict with Iran.
Under the arrangement, Chubb will act as the lead underwriter issuing policies for eligible vessels, while DFC will provide reinsurance support behind the coverage alongside several American insurance companies identified to help expand market capacity. Additional reinsurance partners may be announced in the coming days, officials said.
The facility is structured as a rolling insurance program capable of covering losses of up to approximately $20 billion, with initial policies focused on Hull & Machinery and Cargo coverage....
....MUCH MORE
For over a decade Chubb (along with AIG and PURE) has used private firefighting companies to mitigate their property/casualty exposure on high-end properties which raises the question:Will they put mercenaries on their insured's ships to blow-up incoming drone boats?
