Marine Insurance: The First Anniversary of The Ukraine Conflict
On February 21st, 2023, Skytek recorded that 58 ships with an aggregating market value of $440 million remained trapped in Ukrainian seaports. On February 25th, 2023, a year will have elapsed since the seaports of Ukraine have been closed for entry and exit. Under the Institute War & Strikes Clauses (IWSC), owners are entitled to claim a Constructive Total Loss for the 58 vessels.