[Revised] Excess War P&I reinsurance for 2023/24 Policy Year 8 February 2023 No.22-025-1 Tweet Download PDF (269KB) UPDATE – 8 February 2023 As a result of negotiations with Reinsurers, additional capacity has been secured and the coverage sub-limit in all Russian and some European waters will be increased from USD50m to USD80m any one event, each vessel.   The content of our Circular issued on 6 February 2023 is revised in red as follows;- ---------------------------------------------------------------------------------------------------------------------------------------------   Members are referred to our Circular No.22-022 dated 17 January 2023. As previously outlined, the Excess War P&I cover has been renewed with effect from 20 February 2023, with shipowner rates included within the overall rates published on 16 January 2023 and announced by our circular on 17 January. However, as a consequence of a contraction of cover available from Reinsurers, there is an amendment to the level of cover available for vessels operating in Russian and certain other Belarusian and Ukrainian waters due to the current conflict. Please be advised that for vessels transiting and/or calling within the waters defined below, cover is sub-limited to USD80m any one event, each vessel. 1. All Russian waters, including their coastal waters up to 12 nautical miles offshore *In respect of an Entered Ship insured with Japanese war risks underwriters, for the waters of the Sōya Strait and/or the waters surrounding the Chishima Islands (Kuril Islands), less than 12 nautical miles offshore of islands claimed by Russia, the Excess War Risks P&I insurance will follow the terms of the Japanese war risks insurance. 2. Europe Sea of Azov and Black Sea waters plus inland waters enclosed by the following boundaries On the west, around Romanian waters, from the Ukraine-Romania border at 45°10.858'N, 29°45.929'E to high seas point 45°11.235'N, 29°51.140'E thence to high seas poin