Insurance cut
NZPA-Reuter London Lloyd's insurance market had cut the cost of seven days war risk cover for the hulls of ships sailing to and from the Iranian ports of Kharg Island and Bandar Bushire to 4 per cent from 5 per cent, marine brokers said yesterday. The cuts had been made after about two weeks in which there had been no confirmed reports of attacks on vessels in the Gulf. The new seven-day hull rate for Gulf ports excluding Iran and Iraq but including Kuwait, Saudi Arabia, Bahrain, Qatar, and the United Arab Emirates returns to 0.25 per cent from 0.375 per cent Kuwait last week cancelled war-risk insurance taken out with Lloyd’s after the market raised its war risk premium to 0.375 per cent from 0.25 per cent.
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Press, 26 July 1984, Page 8
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130Insurance cut Press, 26 July 1984, Page 8
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