<\/p>\n
The U.S. International Development Finance Corporation (DFC) and Chubb have announced six additional American insurance partners that will provide reinsurance for DFC’s Maritime Reinsurance plan: Travelers, Liberty Mutual Insurance, Berkshire Hathaway, AIG, Starr, and CNA.<\/p>\n
On top of DFC\u2019s $20 billion in rolling coverage, Chubb and these new partners will provide an additional $20 billion, bringing the total Maritime Reinsurance facility to $40 billion. The plan is designed to deliver on President Trump\u2019s directive to help restore maritime trade through the Strait of Hormuz, stabilize international commerce, and support American and allied businesses operating in the Middle East during the conflict with Iran.<\/p>\n
\u201cReliable insurance capacity matters most in periods of uncertainty,\u201d said Travelers Chairman and CEO Alan Schnitzer. \u201cThis public-private partnership brings stability to maritime trade at a critical moment, and we\u2019re pleased to contribute our expertise and financial strength alongside the United States Government through DFC and a strong group of industry partners to support global commerce and U.S. economic interests.\u201d<\/p>\n
Maritime Reinsurance Details<\/strong><\/p>\n The reinsurance facility will insure losses up to approximately $40 billion on a rolling basis: $20 billion from DFC and $20 billion from Chubb and the additional partners. \u00a0<\/p>\n Chubb, acting as lead underwriter, will manage the facility, determine pricing and terms, assume risk, and issue policies for eligible vessels and cargo. Chubb will also manage all claims. \u00a0<\/p>\n The facility will provide War Marine Risk Insurance for Hull & Liability as well as Cargo. Coverage will be offered for War Hull Risk Insurance, for War P&I Insurance, and War Cargo Insurance. \u00a0 \u00a0<\/p>\n Eligibility Qualifications<\/strong> \u00a0<\/p>\n DFC and its interagency partners will determine if a vessel is eligible to participate in the reinsurance facility based on the information collected from applicants, a sanctions and Know Your Customer vetting process, and other information obtained and deemed relevant by DFC and its interagency partners. \u00a0<\/p>\n Application Information<\/strong> \u00a0<\/p>\n Below is a non-exhaustive list of key information that will be collected from every applicant. DFC will publicly announce the opening of the application portal and provide additional information concerning the application process soon. \u00a0<\/p>\n \u2022Vessel name and operator \u00a0 maritime professional<\/p>\n","protected":false},"excerpt":{"rendered":" The U.S. International Development Finance Corporation (DFC) and Chubb have announced six additional American insurance partners that will provide reinsurance for DFC’s Maritime Reinsurance plan: Travelers, Liberty Mutual Insurance, Berkshire Hathaway, AIG, Starr, and CNA. On top of DFC\u2019s $20 billion in rolling coverage, Chubb and these new partners will provide an additional $20 billion, …<\/p>\n","protected":false},"author":1,"featured_media":78396,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[64],"tags":[],"class_list":["post-78395","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritime-news"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/78395","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=78395"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/78395\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/78396"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=78395"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=78395"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=78395"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\u2022Origin and destination country of the vessel
\u2022IMO number \u00a0
\u2022Flag of the vessel
\u2022Information as to the vessel operator and crew
\u2022Major beneficial owners of the vessel and domiciles thereof \u00a0 \u00a0
\u2022Registered owner of the vessel and domicile thereof \u00a0
\u2022Types, quantity, origin, destination, and value of cargo \u00a0
\u2022Owner of cargo and domicile of owner \u00a0
\u2022Information as to lenders financing the vessel.<\/p>\n<\/p><\/div>\n