War Risk

War Risk

The likelihood that a person or property will be injured, killed or destroyed in an act of war. For example, if an employee is transporting goods in a truck to a customer, war risk is the possibility he/she may drive over a landmine, killing himself/herself and destroying the goods. War risk is a type of political risk and is often excluded from insurance policies.
References in periodicals archive ?
The event was held to mark the 35th anniversary of Bahrain-based Arab War Risk Insurance Syndicate (AWRIS).
such incidents have driven up claims on the war risk category, which covers physical damage to planes from hostile acts, to $600 million in just the last five months, The New York Times recently reported.
As the commercial aviation sector approaches its busiest renewal period, insurance rates are set to increase - with the war risk portion jumping by up to 300% - following a series of major losses, including the Malaysia Airlines flight shot down over strife-torn Ukraine.
Arun Kumar, Assistant General Manager at UAE-based Alliance Insurance told Gulf News that war risk insurance is calculated on the nature of aircraft involved, seating capacity, pilot and management history and the geographical area of the destination.
The committee blamed the heightened war risk on the "warmongering US" and its South Korean "puppets" who were intent on invading the North.
Pro-Iran Maliki and Syria war risk fracturing Iraq Iraqi Premier Nouri al-Maliki's drive to sideline the country's Arab Sunnites, his harassment of ethnic Kurds in autonomous Kurdistan, his subservience to Iran and his support of the Syrian regime risk fragmenting Iraq and embroiling Jordan.
It was being used by the British Government under their War Risk Insurance programme.
This helps fleet managers to manage safe passage of their vessels through pirate attack areas, war risk waters and embargo areas, and regions known for rogue waves.
In 2005, however, marine underwriters in London began a transition from covering piracy under hull policies to covering it under separate war risk policies.
GAC Protective Solutions is designed to support vessel Masters to navigate safely through this war risk zone, as determined by Lloyds of London.
Peters also reported that the US government will continue until the end of this year with providing airlines with War Risk Insurance.