War Risk

(redirected from War Peril)

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.

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Should your coffee be lost in a warlike cross fire, you may well have the thankless task of convincing war peril underwriters that the peril causing your loss was truly theirs, not one of piracy belonging to the separate Marine only counterparts.

Pirates, thieves, and rovers

War perils generally only attach upon coffee that has left the land and is truly waterborne on a vessel.

Crossing the Line: As new perils and risks emerge, commodity insurance is adapting and evolving to extend policy coverage to previously uncovered areas

shippers have the option of purchasing a separate war risk policy, called the American Institute Hull War Risk and Strikes Clauses which effectively covers the excluded war perils, including piracy.19 However, even under the hull war risk insurance policy, the marine insurer retains the right to cancel the policy at any time.