comment: >
  
  Many ports don't allow uninsured ships to dock either.
context: Tokio Marine & Nichido Fire Insurance Co [RIC:RIC:MILEAA.UL], Sompo Japan Insurance Inc [RIC:RIC:SJII.UL] and Mitsui Sumitomo Insurance Co [RIC:RIC:MITSID.UL] started notifying shipowners about their decision on Friday, the business daily reported.
  
  ...
  
  The insurers' decision was prompted by reinsurance companies refusing to take on risks related to the war that Moscow launched 10 months ago, the newspaper said.
  The halt, applying even to waters in Russia's Far East, far from the fighting, could make shipping there too risky for some companies, it said. >
  
  this is what all western companies should do >
  
  They did back in June apparently. The article also say India has been insuring many of their ships in stead of EU and UK firms which apparently handle 95% of maritime shipping insurance. We may be finding out how solvent Indian insurance firms are >
  
  Yep, everything is good until one big disaster happens. >
  
  More likely, western countries will just reject these ships from coming in to port because they don't trust the insuring entity.  That is why Russia couldn't just react to the insurance ban by creating their own insurance company. >
  
  What is stopping these ships from insuring each leg of the trip under a different insurance company. An Indian pop up insurance company from India to just outside of the port, and a european company for while at the european port. >
  
  Part of the sanctions for Russia by the EU and the US say that they will not insure a ship that is carrying Russian oil at over $60 a barrel.  Since the western ports (and many others) will not accept a fly-by-night insurance company for a ship coming into their port, this likely means that the oil cannot land anywhere.  It is up to India to decide if they want to let essentially uninsured ships to carry oil into their ports. >
  
  ELI5 what this means? >
  
  If you buy things transported by ship you need insurance or you will be offered the possibility of paying through the nose in case anything happens to the ship on its way.
  Nobody is going to insure cargo on a ship that itself does not have insurance.