comment: >
context: I wonder if this is mostly due to increased risks with Russian shipping, or if they’re protecting themselves against the inevitability of fraudulent claims. I wish I had the article, but maritime shipping is apparently a huge sector for fraud, with some OML countries doing things like putting in loss claims for a boat that had been sunk twenty times. >
  
  Have you heard about port unions? >
  
  This is new to me, care to elaborate? >
  
  Can't blame them. Putin has turned that country into a no go country forever. >
  
  Forever is a very long time. >
  
  American Club Circular no. 33/22 – Notice of Cancellation in respect of War Risks for certain covers
  
  As a result of the evolving situation between Russia and Ukraine, and the impact that the conflict has had on the global reinsurance market, the Club has received a Notice of Cancellation from reinsurers in respect of certain war risk exposures. Consequently, the Club regrettably needs to issue a corresponding Notice of Cancellation to Members, which is hereby given on December 23, 2022, and will come into force with effect from 00:00 hours GMT on January 1, 2023.  
  
  ...
  
  
  This policy excludes all loss, damage, liability, cost or expense: 
  
  (a) caused by or arising from or in connection with any Russia-Ukraine conflict and/or any expansion of such conflict; or 
  (b) in any area or territory or territorial waters where Russian armed forces, Russian-backed forces, and/or Russian authorities, are engaged in conflict within the territories (including territorial waters) of the Russian Federation, Belarus, Ukraine and any disputed regions of Ukraine, the Crimean Peninsula, and the Republic of Moldova. 
  (c) arising from capture, seizure, arrest, detainment, confiscation, nationalisation, expropriation, deprivation or requisition for title or use, or the restraint of movement of vessels and cargo in the territories (including territorial waters) of the Russian Federation, Belarus, Ukraine and any disputed regions of Ukraine, the Crimean Peninsula, and the Republic of Moldova.
  
  ...
  
  2         Automatic Termination
  2.1 Whether or not the notice of cancellation described in clause 1 has been given, this insurance shall TERMINATE AUTOMATICALLY:
  2.1.1 upon the occurrence of any hostile detonation of any nuclear weapon of war, wheresoever or whensoever such detonation may occur, and/or;
  2.1.2 upon the outbreak of war (whether there be a declaration of war or not) between any of the following countries: United Kingdom, United States of America, France, the Russian Federation, the People’s Republic of China.
  
  Edit: The American Club 
  
  is a member of the International Group of P&I Clubs, a collective of thirteen mutuals which together provide Protection and Indemnity insurance for some 90% of all world shipping. >
  
  
  2.1.2 upon the outbreak of war (whether there be a declaration of war or not) between any of the following countries: United Kingdom, United States of America, France, the Russian Federation, the People’s Republic of China.   
  
  Gee thanks.   So they can declare war on Canada and still be fine 😐
  Anyone willing to eli5 what a "reinsurer" is and how it matters?  I've learned more about global allkindsastuff  since this kicked off, but I'm all googled out for right now. >
  
  A reinsurer is an insurer of insurer. why it matters I'm not sure. >
  
  Well, I sure do appreciate that.  sigh >
  
  We’re not interested in actually having to pay out claims >
  
  That’s not the issue. Insurance companies transfer risk from the insured party to the insurance company. If the company thinks there can be money made, i.e. fewer claims than premiums, the insurance company will accept the risk. If not, they won’t.
  Not wanting to pay out claims is about increasing profit, not the actual making of profit. GEICO, State Farm, etc. are hardball on claim payments because they stick to a strict interpretation of their contracts and don’t want to pay anything more than necessary in order to maximize profit, not because that’s the only way they’d make a profit. If the profit was only there if being strict on claims, they probably wouldn’t want to be in business. >
  
  lol I know. I used to work for an insurance company. Was just a joke >
  
  oh lol >
  
  As a muggle, appreciated the info anyway.