Shipping Insurance Costs to Cross Hormuz Soar After Ship Attacks

Insuring vessels to sail through the Strait of Hormuz is still possible, even if at a very high cost, according to people involved in the market.

The cost of coverage has leaped to about 5% of the value of a ship, roughly five times the level seen in the earliest days of the Iran war, and an even larger multiple of the fractions of a percentage point seen in periods when there’s relatively little conflict, the people said, asking not to be named discussing private information. That means insuring an oil tanker worth $100 million would cost about $5 million. ...