German Insurance Association Ensures Continued Coverage for Ships in Gulf Amidst Iran Conflict
The German Insurance Association (GDV) has announced that despite the ongoing conflict with Iran, German ships operating in the Gulf region will continue to be insured. This assurance comes as insurers adjust terms and prices but refrain from withdrawing coverage. War risk insurance, which typically covers damages from incidents such as mines, remains available. The German Shipowners' Association (VDR) has reported that approximately 50 ships from German shipping companies are currently stranded in the Persian Gulf due to halted traffic in the Strait of Hormuz. Insurers have exercised termination rights on war risk policies, leading to significantly higher prices for coverage. Insurance broker Raik Becker noted that the cost of war risk insurance has increased five to six times since the conflict began. 
