War Risk Insurance


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War Risk Insurance

Separate insurance coverage against loss or damage due to acts of war (including objects left over from previous wars).

War Risk Insurance

An insurance policy covering risk from war, terrorism, coups or other armed conflict in the country in which the covered party does business. War risk insurance takes two forms: war risk liability, covering employees, customers, and other persons and their effects, and war risk utility, covering property. For example, a company may take out war risk insurance protecting a luxury passenger ship from an act of terrorism while at sea. The war risk liability covers the persons on a cruise and their luggage while war liability utility protects the ship itself. See also: Political risk.
References in periodicals archive ?
In October 1917, Congress established the Bureau of War Risk Insurance in the Treasury Department to run the system.
The seller must purchase marine and war risk insurance and provide the buyer with a clean bill of lading and a negotiable certificate of insurance or an insurance policy.
Voyage expenses primarily consist of extra war risk insurance, port, canal, fuel costs and other crew costs reimbursable by the charterers that are unique to a particular voyage and bunkers consumed during the periods that vessels are in between employment.
5 billion (pounds 967 million) of third party war risk insurance.
11, war risk insurance for airlines and other aviation stakeholders was canceled, though some governments extended the third-party war risk cover that was previously provided to their respective airlines and other parties pending agreement on an affordable global solution to the war risk problem.
25 surcharge for the reduced reinstatement of existing War risk insurance translates into additional premiums in excess of $900 million annually paid by U.
It is being estimated that aviation war risk insurance claims for the last 5 months now total $600 million, while the sector gathers just $65 million in annual premiums.
James Oberstar of Minnesota would provide assistance by reopening a federal loan guarantee programme to cover rising fuel prices, as well as provisions on war risk insurance and compensation for strengthening cockpit doors.
Meanwhile, UK Government ministers yesterday agreed to further extend a war risk insurance scheme for airlines still battling to overcome the impact of the September 11 terrorist attacks in the US.
The potential grounding of airline fleets worldwide was averted yesterday after governments all over the globe agreed to provide the necessary war risk insurance cover.
6 million, respectively, and mainly relate to war risk insurance costs and bunkers consumed by our vessels travelling to and from the drydocks.
The United States previously intervened in and settled the relators' allegations that EGL included non-existent charges for war risk insurance in invoices to KBR for air shipments to Iraq, costs that KBR passed on to the Army.