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Press Article: Strike Club reaffirms cover after Gulf attacks
News & Insights 4 July 2019
Mutual's board pledges to keep delay insurance in place despite heightened risk.
UK insurer The Strike Club has decided to continue with delay cover despite a spate of tanker attacks in the Middle East Gulf (MEG). The pledged was rubber-stamped at a board meeting in Geneva on Wednesday.
It will cover members operating in the Straits of Hormuz between the Gulf of Oman and the MEG, despite growing political tensions in the region. Chairman Alan Le Guillard said: “None of our 2,000 entered ships has experienced problems in the Gulf region despite the ongoing disruption from recent events. "The cover we provide to members will continue unchanged. Many of our members have already opted to include war risks in their delay insurance policies, so if the situation in the Gulf deteriorates further, they will continue to be covered.”
Six tankers have been targeted by torpedoes or mines in the region in the last two months. Iran has been blamed by the US, but denied involvement.
Unique mutual cover
The club has been the world’s only dedicated provider of mutual marine delay insurance for more than 60 years. It said flexible at-cost cover is available for up to 21 days’ delay caused by shoreside and shipboard circumstances. The club became a part of The Standard Club, a leading protection and indemnity (P&I) mutual, in February this year.
Strike Club vice president and vice chairman Hugh Williams, who is about to take over from Le Guillard, added: “Mutual marine delay insurance continues to provide shipowners and charterers with a highly cost-effective way of complementing their P&I and hull and machinery cover. With the increased security provided by The Standard Club, The Strike Club is now in an even stronger position to continue meeting this growing demand.”
The Strike Club is managed by Charles Taylor.
The Strike Club's latest press release is also available on the right.