London insurance broker Arthur J. Gallagher & Co. is offering war risk coverage for vessels transiting the Strait of Hormuz, according to marine divisional director Angus Blayney. The coverage extends to ships remaining in the Persian Gulf and those entering or exiting via the strategic waterway.

Blayney said Gallagher has secured marine war risk solutions for numerous clients and supported new assureds in finding coverage where their current brokers failed. Insurance rates have increased from previous levels, with costs varying based on vessel type, cargo, and routing. The availability of coverage suggests that ships aren't avoiding the waterway due to lack of insurance but rather due to safety concerns.

Several vessels have been attacked since the conflict began, including one on Thursday. While the White House has offered insurance guarantees and naval escorts through President Trump's social media posts, shipowners remain nervous about transiting the vital waterway until hostilities cease. Brokers Marsh and Aon Plc are also engaging with the US government on the issue.