War Insurance Available for Ships Crossing Hormuz, LMA Says (2)

Insurance offers are being made for vessels seeking to transit the Strait of Hormuz, the Lloyd’s Market Association said, a sign that it is safety risks and not cover that are the main impediment blocking ships from sailing through the waterway.

The LMA comments echo remarks from broker Arthur J. Gallagher & Co. earlier in the day that suggest underwriters are willing to offer insurance for ships that are prepared to both enter and exit the Persian Gulf via the strait.

The waterway has become blocked since the start of the Iran war, choking off a fifth of the world’s ...