Insurance deal reached [Archives:2003/06/Local News]
Yemen has reached an agreement with hull insurers in London to underwrite war-risk cover for ships calling at its ports, brokers revealed today.
Under the deal, reached Jan. 27 through brokers Marsh & Mclannan, the deal has deposited $50M in an escrow account.
In addition, Yemen has committed to further subsidizing insurance costs for dry cargo carriers.
Insurers have, in the aftermath of the Oct. 2002 attack on the supertanker Limburg, imposed repercussions at the al-Mukaila terminal and the PSA Corp-managed container terminal at Aden, until better security is provided.