Gard shuts the door on sanctioned Sovcomflot as well

The world’s largest marine insurer ends its client relationship with Russian Sovcomflot after the carrier was put on the sanctions list. According to ShippingWatch’s information, a clause in the contract allows for immediate termination of a contract when there is a risk of being exposed to sanctions.

Rolf Thore Roppestad, CEO, Gard. | Photo: Mona Hauglid

Gard, the world’s largest marine insurer based in Norway, has done like its Norwegian colleague, Skuld, and exited contracts with Russian Sovcomflot, according to ShippingWatch’s information.

In contrast to Skuld, which had approximately 49 Sovcomflot ships under insurance coverage, Gard only had three in its fleet of insured vessels.

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