Lloyd’s of London launches marine war risk insurance consortium

Lloyd’s of London has launched a marine war risk insurance consortium to provide coverage for ships and cargo transiting the Strait of Hormuz.

The U.S.-based Chubb Group will serve as the lead insurer, supported by Lloyd’s syndicates and specialized market participants.

The consortium will offer insurance coverage of up to 400 million USD for marine hull, shipowners’ liability (Protection and Indemnity or P&I), and cargo risks.