Tokyo, March 11 (Jiji Press)–Japan’s three major nonlife insurers will expand the sea areas in which extra premiums are required under ship insurance policies to cover war and terror risks, in the wake of the conflict between U.S.-Israeli forces and Iran, it has been learned. The decisions by Tokio Marine & Nichido Fire Insurance Co., Mitsui Sumitomo Insurance Co. and Sompo Japan Insurance Inc. could increase financial burdens on shipping companies. Starting Friday, waters around Qatar, Kuwait and Bahrain, all facing the Persian Gulf, will be newly designated as such high-risk areas, in addition to areas off Iran and Iraq. The insurance firms have already begun informing shipping companies of the moves. Shipping companies are required to notify nonlife insurers in advance when their vessels pass through high-risk areas, and pay additional premiums. Otherwise, insurance benefits will not be paid even if damage occurs. END [Copyright The Jiji Press, Ltd.]
Nonlife Insurers to Widen High-Risk Areas amid Iran Conflict
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