Insurance offers are being made for vessels seeking to transit the Strait of Hormuz, the Lloyd’s Market Association said, a sign that it is safety risks and not cover that are the main impediment blocking ships from sailing through the waterway.

The LMA comments echo remarks from broker Arthur J. Gallagher & Co. earlier in the day that suggest underwriters are willing to offer insurance for ships that are prepared to both enter and exit the Persian Gulf via the strait.

The waterway has become blocked since the start of the Iran war, choking off a fifth of the world’s oil and liquefied natural gas as well as a range of other commodities and goods.

Governments including the U.S. have suggested insurance availability was blocking transit. However, speaking privately, three shipowners with vessels inside the Persian Gulf, said on Thursday that safety concerns around sending their crews into a war zone were their primary concern rather than cover when considering passage.

“We understand that offers of insurance are being made for vessels seeking to transit the Strait of Hormuz,” said Sheila Cameron, chief executive officer of the LMA, which represents underwriting firms at Lloyd’s of London, the biggest global hub for commercial and specialty risk.

“Offers will continue to be made available through the London marine war insurance market should they wish to transit at a future date when they consider it safe for their vessels and crew.”

With vessel traffic through Hormuz essentially halted, oil stockpiles are starting to back up in producer countries, choking off energy exports from across the Persian Gulf. President Trump posted on social media this week that the US will provide insurance guarantees and naval escorts to ensure safe passage.

Owners Wary

Regardless of insurance shipowners and their crews will still remain nervous about Hormuz passage until hostilities stop.

The three companies who said they wouldn’t currently transit Hormuz gave different perspectives of the availability of insurance cover while transiting — some said they had insurance while others said availability was changing on a daily basis. But all said they wouldn’t cross the waterway in the current climate irrespective of cover.

Angus Blayney, marine divisional director at brokerage Gallagher, said cover is available for ships that plan to remain in the Persian Gulf, as well as those that are looking to enter or exit the area via the strait.

In recent days, Gallagher found marine war risk solutions for existing and new clients, Blayney said, without providing details of the insurance.

Navigation Plan

“This availability applies to both vessels which are currently in the Persian Gulf and not planning to exit the region, plus those that are looking to travel, enter or exit the area via the Strait of Hormuz,” he added.

Insurance rates have increased from “levels that owners and charterers will be used to,” Blayney said, adding that costs will vary depending on the vessel type, cargo and routing.

Brokers Marsh and Aon Plc, meanwhile, are among firms holding talks with the U.S. government as part of President Trump’s plan to help insure tankers navigating the strait.

In a separate statement Thursday, Lloyd’s said it is engaging constructively with the US International Development Finance Corporation and stakeholders to ensure the market continues to provide “solutions that support shipowners, protect crews and sustain global trade during periods of heightened geopolitical risk.”