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The U.S. government is launching a marine transport reinsurance program that includes war risk coverage in the Gulf region.
Led by the U.S. International Development Finance Corporation (DFC), in partnership with the U.S. Department of the Treasury, the initiative is designed to support shipowners and insurers amid heightened geopolitical tensions that have disrupted marine trade in the region, particularly in the Strait of Hormuz.
The program will cover losses of up to 20 billion USD for vessels meeting specified eligibility criteria. The scheme will initially provide coverage for hull and marine cargo insurance.
