Leading marine insurer Hiscox is offering a new loss-of-hire product that covers shipping against the threat of seizure by a nation state as has recently been witnessed in the Middle East Gulf.
Days after the seizure of the 50,000-dwt Stena Impero (built 2018) by Iranian Revolutionary Guards, Hiscox has launched the policy Malicious Vessel Seizure to cover-loss-of hire costs and provide support for shipowners.
