To all fixed premium assureds (including Fixed P&I, Charterers, Offshore, Yachts, Yacht Crew Liability, and Optional covers) where cover is extended to include War Risks
Assuranceforenigen Skuld (Gjensidig) ("The Association") has received a Notice of Cancellation from reinsurers in respect of certain war risks that are reinsured by the Association in the commercial market.
As a result, it is necessary for the Association to issue corresponding Notice of Cancellation in respect of those same war risks.
This Circular constitutes such Notice of Cancellation to the War Risk Cover in accordance with the following clauses in our Terms & Conditions:
Fixed: Cancellation clause to the Cover Extension for War (Primary / Excess Hull Value) Risks in the Certificate of (Re)insurance
Charterers: Clause 26.4.3.
Offshore Appendix 3, Termination clause, paragraph 1
Yachts Clause 15.1
Yacht Crew Liability Clause 39.3
Optional Covers: Clause 4.1.
Notice of Cancellation is hereby given effective from today, extending beyond 72 hours and will come into force with effect from Noon GMT, 20 February 2024.
Upon expiry of the notice at Noon GMT, 20 February 2024, the War Risk cover for Assured(s) entered for risks under the above-referenced Terms & Conditions will be terminated automatically for the Assured(s) trading or being within the territorial waters of any of the following countries or places (including any port area that at the date of this notice constitutes part of such a country or place however it may hereafter be described):
Indian Ocean, Gulf of Aden and Southern Red Sea
The waters enclosed by the following boundaries:
a) on the northwest, by the Red Sea, south of Latitude 18°N
b) on the northeast, from the Yemen border at 16°38.5'N, 53°6.5'E to high seas point 14°55'N, 53°50'E
c) on the east, by a line from high seas point 14°55'N, 53°50'E to high seas point 10°48'N, 60°15'E, thence to high seas point 6°45'S, 48°45'E
d) and on the southwest, by the Somalia border at 1°40'S, 41°34'E, to high seas point 6°45'S, 48°45'E
excepting coastal waters of adjoining territories up to 12 nautical miles offshore unless otherwise provided.
This Notice of Cancellation shall apply to all persons or companies named as Assureds and/or Co-assureds in the P&I Certificate(s) of Insurance (or – where applicable – Cover Note(s)). If the above-referenced policy is a reinsurance, the terms "Assured" and "insurance" shall be deemed to be amended to read "Reassured" and "reinsurance" respectively.
This Notice of Cancellations supersedes any other terms with respect to war risks which may be agreed in the individual Certificates of Insurance or Confirmations of Cover.
This Notice of Cancellation applies to War risk cover only, all other terms of the cover remain unchanged. This Notice does not alter the position of any other area currently restricted or excluded under respective policies.
This Notice does not affect mutual P&I, War and FD&D cover and the Excess War Risks cover afforded to Assureds with mutual P&I Cover.
We are working on the details of the buy-back option reinstating the cover. Please contact your underwriter in Skuld for further details.
Ståle Hansen
President and CEO
Assuranceforeningen Skuld (Gjensidig)