Buy-back cover available in respect of certain war risks


Published: 16 February 2024

Circular Web banner (illustration)

We refer to our Circular dated 12 February 2024, where we issued a Notice of Cancellation in respect of certain war risks.

Understanding the urgent need to offer a buy-back solution, we are happy to advise that Skuld can now provide a cover reinstating the exclusion in respect of war risks in the Indian Ocean, Gulf of Aden and Southern Red Sea waters as defined in our Circular 12 February for our Charterers, Fixed P&I and Yacht covers.

The cover has a limit of USD 150,000,000 in the aggregate any one accident or occurrence for each declared voyage.

The cover excludes vessels with Israeli ownership / interest, unless otherwise expressly agreed by Skuld.

The cover is otherwise subject to and no wider than Skuld's respective Terms & Conditions and the terms of the individual Certificate of Insurance.

We continue working on optimising the terms of the buy-back solution and ask members and assureds to contact your underwriter in Skuld for further details.

Ståle Hansen
President and CEO
Assuranceforeningen Skuld (Gjensidig)