Policies covering ships moving through the Strait of Hormuz are cancelled

[FBaggins]

5. Untrue... but also irrelevant

Because you’ve misread the news if you’re taking it to mean that insurance isn’t available.

The first step to increasing the rate on a voyage when markets are closed as they are now - is to cancel the initial policy.

Here’s a better source -

Cargo war risk insurers, which cover goods transported on tankers such as oil and grain, are also preparing to cancel policies and renegotiate coverage at higher rates, brokers said as per the news outlet.

https://www.livemint.com/news/world/strait-of-hormuz-crisis-insurers-cancel-policies-raise-war-risk-premiums-on-ships-after-israel-strikes-on-iranreport/amp-11772309959461.html