No insurance in the world covers cancellation due to war situation. Not even those with "Cancel For Any Reason". Just find and read small print.
Quote from Nationwide CFAR insurance policy Q&A: "The policy does not offer coverage for the threat of a Terrorist Incident or any war-related activity. See the policy for further details."
NCL is waiting, calculating. Unfortunatelly the situation will get more complicated. This is not just another local incident. Israel can not back up, they will go to all the way, otherwise they will have rockets again shortly. NCL will have to cancel at the end. They do not have any right to force people to travel the dangerous part of the world. Who will in behalf of NCL declare GEM next cruises as safe? Who will take responsibility if incident happens - NCL CEO? By prolonging their decision to do the inevitable, they are doing more damage to the people, because they will, at best, have to modify their flights, and pay fees to do that. Some will lose their money due to non refundable fares. Someone here wrote "Ships are still calling to Alexandria and Middle East ports. Yes they do, those that have to pass the Suez channel. But who will dare to take a whole day bus tour to Cairo. Such a great target, bus full of US tourists, and plenty of time and places to do the job. NCL will wait until the end. At the end they will have to refund... Calculating till the very end NCL are doing damage to them self. According to some post here I am sure that NCL people are reading this forum. I read many times here - "No more NCL". Not good for future company image.