Starting January 1st, ship insurers are revoking coverage of Russia, Ukraine, and Belarus war risks

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Written By Jennifer Joslyn

📑 Starting January 1st, ship insurers are revoking coverage of Russia, Ukraine, and Belarus war risks.

Insurance companies and reinsurers - those who insure the insurance companies - have been warning of scaling back after a multitude of losses associated with the conflict in Ukraine and Hurricane Ian. Shipping insurance is a type of insurance that provides coverage for the goods being shipped, as well as the transportation process itself. It is important for shippers to have insurance to protect their goods in case of any damage, loss, or theft that may occur during the shipping process. Shipping insurance can also provide protection for the shipper in case of liability issues, such as if the goods being shipped cause damage to someone else's property.

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