London Market underwriters have agreed to reduce hull and machinery war additional premium rates for the Yemen marine market war facility, reflecting work that has been carried out on security facilities and procedures at Yemeni ports since the `Limburg' attack by terrorists in late 2002.
Marcus Baker, the managing director of Marsh's marine and energy practice, said the decision followed a security survey and report carried out at Yemeni ports by Hudson Trident, an international maritime security services specialist.
"The reductions are effective from 12 August 2003. Hudson Trident is currently producing a follow up report whose findings will be presented in due course to underwriters for their further consideration," said Baker.
