Marine insurers face huge total loss claims for ships stuck in Ukraine

Marine insurers are likely to face a large number of “total loss” claims related to ships trapped in Ukraine in early 2023, as different clauses of insurance policies, including the detainment clause, could be triggered as the ships continue to remain trapped, Reinsurance News reported. As many as 100 vessels with an estimated value of up to $1 billion have been trapped in the Ukrainian ports and waters since Feb. 25, after Russia invaded Ukraine.