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Suspecting
that shipping lines are
exaggerating the level of risk
posed by the events precipitated
by the terrorist attacks in the
US, importers and exporters bodies
in Europe have called on European
Commission competition regulators
to investigate the imposition of
the high war risk insurance
premiums and other surcharges by
insurers.
The
call comes in the wake of
announcements by several shipping
lines and conferences that
surcharges would be imposed to
compensate the higher premiums on
hull insurance the vessels owners
have been asked to pay.
Insurers
have raised the new war risk
insurance cover effective this
months on grounds that there is
now an increased danger to
vessels, especially in specific
geographic regions such as the
Middle East, the Mediterranean,
the Indian sub-continent,
including Sri Lanka and the Suez
Canal.
Industry
sources said an investigation by
the EU into the legality of
insurance companies actions over
war risk premiums could be the
first step to finding a solution
to the vulnerability of the
shipping (and the aviation) sector
to insurers’ agreement and
premium increases.
If
the shipping lines decide to take
the matter to Brussels, they may
claim that the insurance companies
are infringing Article 81 EC,
which prohibits agreements which
have as their object or effect the
prevention, restriction or
distortion of competition with the
common market.
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