Exclusive: Travelers and Convex look to extend marine war detainment periods

By Michael Jones

June 27 - (The Insurer) - Travelers and Convex are looking to extend detainment periods in marine war market coverages from 12 to 18 months, multiple senior marine market sources told The Insurer.

Four senior marine market sources said that Travelers have told the market they are looking extend detainment periods, while three senior sources said that Convex are also pushing for the same amendments. Convex's sought for detainment period changes apply only to one of three different war risk rates, one senior market source said.

In marine war insurance, a vessel's detainment due to war or similar perils can trigger a constructive total loss claim after a certain period, known as the detainment period.

The push to amend detainment periods came after the U.S. undertook airstrikes over the weekend of June 21 and June 22 on Iranian nuclear sites and the potential for retaliation raised concerns around water in the Gulf.

Marine war rates in the Gulf spiked on Monday after the strikes to 0.5%, compared to around 0.2% as of June 18, 2025. Rates softened slightly by Thursday to 0.35% to 0.45% as a result of the ceasefire between Israel and Iran continuing to hold.

Travelers and Convex are yet to renew a placement with the 18 month detainment period, two senior market sources said.

And three marine market sources expressed skepticism that either party would be able to amend detainment periods to 18 months.

They said this was because of the heightened levels of competition within the marine war market, with a number of carriers still comfortable writing 12 month detainment periods.

Convex declined to comment. Travelers did not immediately respond to a request for comment.