Many ships stranded in the Persian Gulf rely on insurance coverage negotiated at Lloyd's of London, which has been the hub of marine insurance for over 300 years. The Underwriting Room at Lloyd’s, characterized by its impressive 200-foot tall atrium, is a bustling space where brokers negotiate policies for vessels transporting oil, gas, and other goods globally. Recent conflicts have heightened the risks associated with navigating through the Strait of Hormuz, a critical waterway for oil trade, leading to significant increases in insurance premiums, which have surged from 0.25 percent to between 1 and 4 percent of a ship's value. Insurers have continued to offer war risk coverage despite the escalating rates, although the actual movement of ships has drastically decreased. Experts suggest that the dangerous conditions at sea, including the potential for attacks or the presence of sea mines, have deterred shipowners more than the rising insurance costs. Those involved in the marine insurance sector express skepticism over a swift return to the status quo, noting that past agreements can be easily jeopardized by social media rumors or new attacks. As one of the largest marine war risk insurers, Svein Ringbakken states that a return to normalcy in the shipping industry post-conflict could take time. Currently, Lloyd's covers around 10 percent of the global marine insurance market and a substantial portion of war risk insurance. The headquarters of Lloyd's, a modern 14-story structure, stands in stark contrast to its historical origins. Insurance policies and structures evolved as the necessity for maritime security has grown. The shifting dynamics in global shipping and insurance highlight the ongoing impacts of geopolitical tensions on trade in the region. Overall, industry experts emphasize that, while trade agreements may happen, the complexities and uncertainties of the current climate mean that full confidence in the safety of shipping routes will not be regained swiftly.