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The Danish government has announced plans to create a state-backed $1bn war risk programme for ships to be used in the event commercial insurance markets fail.
The government said the insurance plan, due to be voted on in parliament later this year, was a “timely precaution”.
“There are global tensions and war on European soil,” business minister Morten Bodskov said. “That’s why it’s important that we are prepared – even for the most unpleasant scenarios.”
“This proposal contributes to securing that possibility if Danish shipping can no longer be covered by commercial insurance. And like with all other insurance schemes, I sincerely hope we never have to use it,” said Anne Steffensen, CEO of Danish Shipping, the country’s shipowner organisation.
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