Insurers quiet on new HRA

The new industry advice will take effect from 1 December.

Global ship underwriters non-committal on lowering premium

Bengaluru: The announcement last week by organizations representing the global shipping and oil industry to reverse expansion of vast swathe of sea in the Indian Ocean judged prone to pirate attacks may not translate into reduced insurance costs for fleet owners as widely expected because the area drawn up by ship underwriters to assess insurance risks to deal with such situations are always different.

A roundtable of international shipping associations and oil companies international marine forum, agreed to India’s efforts to alter the boundaries of a high risk area (HRA) for piracy from 78 degrees east longitude to the 65 degrees east longitude.

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Source: livemint.com