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Article: Strait of Malacca off high-risk list; Ship premiums likely to decline.(World)
- Article from:
- Business Insurance
- Article date:
- August 14, 2006
- Author:
CopyrightCOPYRIGHT 2006 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: JONATHAN GARDNER
Premiums are likely to drop for ships using the Malacca Strait between Malaysia and Singapore now that a top-level industry committee has dropped the body of water from its list of areas at high risk for losses from piracy.
The Joint War Committee of the Lloyd's Market Assn. dropped the Malacca Strait-which carries 11.7 million barrels of crude oil a day and more than $1 trillion a year in goods and services-from its Hull, War, Strikes, Terrorism and Related Perils Listed Areas list after the committee's security consultant reported on anti-piracy efforts by the nations bordering the strait.
Malaysia has committed $1.1 ...