As part of our continuous communication, this news is with reference to prevailing conflict between Russia- Ukraine and its probable impact on cargo shipped to/from war affected zone.

The impact and the extent of damage can be understood from a recent case where State owned Bangladesh Shipping Corporation lodged a claim worth $22.4mn for a cargo ship (Bangladesh-flagged Banglar Samriddhi) hit by a Russian missile. This is the first major marine insurance claim from conflict, which resulted in the damage of Vessel and the death of a crew member. As there was no cargo on board, no cargo loss being reported.

As we previously informed about the cancellation of War and strike cover for area specified by GIC. Hence due to cancellation of War and SRCC risk for these area, there is no war cover for any shipment to/from these area from 21-03-2022. 12 PM, IST.

Looking at current situation and your commercial obligation towards these countries, it is advisable to do a due diligence for all your present export/ import for these particular region based on applicable incoterms. Otherwise it may be exposed and resulted in huge loss.

Note: – Any claim due to war and strike perils in war specified zone will not be tenable for the dispatch made from 21-03-2022. 12 PM, IST