Strait of Hormuz crisis tests Institute War Clauses
Source: Middle East Insurance Review | Oct 2026
The Lloyd’s Market Association (LMA) on 23 July 2026 published a new model clause, LMA5708 – Strait of Hormuz Transit Fee Condition. This was in response to the ongoing impasse in the Strait of Hormuz arising from geopolitical tensions in the Gulf. The new clause is primarily intended for the use of marine hull and hull war markets. Middle East Insurance Review spoke with insurance industry veteran R Balasundaram about the implications of the new model clause.
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