War risk insurance surges to 1% hull value — doubled again; 5 major P&I clubs cancel coverage effective March 5; Trump DFC backstop assessed as 'only partial fix'

War risk premiums surged to 1% of ship hull value, up from 0.2% last week and 0.5% earlier this week. Five major P&I clubs — Gard, Skuld, NorthStandard, London P&I Club, and American Club — cancelled war risk coverage effective March 5. Trump announced DFC political risk insurance and Navy escorts for Gulf tankers, but industry sees this as ‘only a partial fix’ per Insurance Journal/Bloomberg. RBC Capital Markets questioned execution speed. The March 5 P&I cancellation creates an insurance vacuum in ~24 hours that could halt remaining Gulf shipping entirely.