Three corridors, one question about insurance

Hormuz, the Red Sea and the Black Sea are under simultaneous stress. That does not prove that they share one binding pool of marine war-risk capacity. It does raise a decision-useful question: when cargo is rerouted, are the new voyage, the crew and the cover actually independent of the original risk? The episode follows the evidence on Hormuz premiums, Black Sea freight and tanker availability; states the overlap hypothesis; and gives the strongest countercase, including Howden Re's finding that market capacity and reinsurer capital remained robust. The complete source list and written brief are at universalassetowners.com.