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Lloyd’s underwriters reserve cash for ships stuck in Ukraine’s waters

Posted On: Mar. 29, 2023 9:15 AM CST


Lloyd’s of London’s war underwriters are building up significant cash reserves to pay out for a flurry of claims arising from the owners of around 80 ships stuck in Ukraine’s territorial waters, City A.M. reported. Rob Smart, chief technical officer at U.K.-based Mactavish, said that the market is preparing for a sudden rise in claims, as the one-year anniversary of the war marks an important point where shipowners will be able to declare their ships as unrecoverable.