HONG KONG SHIPOWNERS PROTEST ABOUT WAR RISK PREMIUM

HONG KONG SHIPOWNERS PROTEST ABOUT WAR RISK PREMIUM    The Hong Kong Shipowners’ Association expressed concern over changes introduced by hull insurance underwriters to their war risk policies.
   “Our association views with great concern the unilateral action by all war underwriters in setting a deadline to cancel the war risk policies in order to raise the basic war premium,” it said.
   “The way in which this has been done suggests a high degree of collusion, which should probably be investigated by the relevant anti-trust authorities, and puts owners under undue pressure, effectively forcing them into a position where they have to accept the increased premiums.”
   The Hong Kong shipowners’ body said that there is “no change in events” that would justify any increase in the basic war risk premium.
   The shipowners association urged its members that they specifically mention that they are renewing “under duress,” and ask their brokers to look for alternative cover.