Lloyd’s of London, Britain’s largest insurance company,...

Lloyd’s of London, Britain’s largest insurance company, has cut war-risk rates for general cargoes passing through a large area of the southwest Persian Gulf. The rate reduction applies to non-oil cargoes traveling in the Gulf off much of Saudi Arabia, Bahrain, Qatar, most of the United Arab Emirates and the southern tip of Oman. The cut reduces insurance rates for non-oil cargoes to 0.25% of the value of the cargo, down from 0.30%.