But who insures the ship and its cargo? And what's the premium? No one cared about sailors before either. But if the ship sinks then you cash out from Lloyds. But if the risk premium increases by a lot, then that adds to the cost of the cargo.

And eventually it's just not worth transiting the strait no matter how "open" it's claimed to be, if there are still unacceptable risks.

All of the major maritime insurers will issue war risk policies at a small premium over the usual rates. This isn't anything new. Back during the Iran-Iraq war both sides were hitting tankers occasionally but insurers wrote policies and the oil continued to flow.