To all fixed premium assureds (including Fixed P&I, Charterers, Offshore, Yachts, Yacht Crew Liability, and Optional covers) where cover is extended to include War Risks.

Assuranceforeningen Skuld (Gjensidig) (the “Association”) is following closely the concerning developments in Iran and the wider Arabian/Persian Gulf, which have resulted in a materially heightened level of geopolitical and operational uncertainty. It is already evident that reinsurers’ appetite for war‑risk exposure is tightening, and in practical terms, it will result in reinsurers withdrawing capacity at short notice.

Against this backdrop, the Association has therefore decided to issue the Assureds with a notice of cancellation of the War Risk Cover.

This Circular constitutes such Notice of Cancellation to the War Risk Cover in accordance with the following clauses in our Terms & Conditions:

Owners’ Fixed P&I Terms & Conditions: Cancellation clause to the Cover Extension for War (Primary / Excess Hull Value) Risks in the Certificate of (Re)insurance

Charterers’ Cover Terms & Conditions: Clause 26.4.3.

Offshore Terms & Conditions Appendix 3, Termination clause, paragraph 1

Yachts Terms & Conditions Clause 58.3

Yacht Crew Liability Terms & Conditions Clause 40.3

Optional Covers Terms & Conditions: Clause 4.1.1

Notice of Cancellation is hereby given effective from today and will take effect 72 hours after 00:00 hrs GMT (Midnight) on the day Notice is given: 5 March 2026.

Upon expiry of the notice at 00:00 hrs GMT (Midnight), 5 March 2026, the War Risk cover for Assured(s) entered for risks under the above-referenced Terms & Conditions will be terminated automatically for the Assured(s) trading or being within the territorial waters of any of the following countries or places (including any port area that at the date of this notice constitutes part of such a country or place however it may hereafter be described):

• Iran and Iranian waters including coastal waters up to 12 nautical miles offshore
• Persian/Arabian Gulf and adjacent waters as defined

Definition

Persian/Arabian Gulf and adjacent waters including the Gulf of Oman and waters west of the line from Oman’s territorial limit off Cape al-Ḥadd at 22°42.5’N, 59°54.5’E northeast to the Iran-Pakistan border at 25°10.5’N, 61°37.5’E

This Notice of Cancellation shall apply to all persons or companies named as Assureds and/or Co-assureds in the P&I Certificate(s) of Insurance (or – where applicable – Cover Note(s)). If the above-referenced policy is a reinsurance, the terms “Assured” and “insurance” shall be deemed to be amended to read “Reassured” and “reinsurance” respectively.

This Notice of Cancellations supersedes any other terms with respect to war risks which may be agreed in the individual Certificates of Insurance or Confirmations of Cover.

This Notice of Cancellation applies to War risk cover only; all other terms of the cover remain unchanged. This Notice does not alter the position of any other area currently restricted or excluded under respective policies.

This Notice does not affect mutual P&I and FD&D cover and the Excess War Risks cover afforded to Assureds with mutual P&I Cover.

We are working on the details of the buy-back option reinstating the cover. Please contact your underwriter in Skuld for further details.

Ståle Hansen
President and CEO
Assuranceforeningen Skuld (Gjensidig)