The cost of a “ticket to trade” to the US could be halved as the Water Quality Insurance Syndicate (WQIS) bids for a significant share of the pollution financial guarantee market.
The move is expected to shake up the market for certificate of financial responsibility (Cofr) guarantees required by more than 21,000 ships trading to the US.
New York-based WQIS is to offer big reductions in the cost of Cofr guarantees but is reluctant to confirm insurance market talk that premium levels could be 50% of existing providers.
