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 ?
COSTS of shipping cargo to and from Bahrain have significantly increased after insurance firms slapped war risk premiums on vessels, as a result of heightened tensions in the region.
India's exporters and importers will have to pay more on freight as global container lines start levying a war risk surcharge ranging between $36 and $42 for shipping cargo containers to and from the Arabian Gulf transiting through the Strait of Hormuz in the wake of escalating tensions in the region.
Bargain, if you can cover the war risk premium," said a Singapore-based marine fuels trader for a large commodities merchant.
Panalpina, the worlds fourth largest provider of ocean freight services is applying a War Risk Surcharge for the Strait of Hormuz as a result of significantly increased insurance premiums for all vessel operators going through the busy waterway.
Summary: One broker expects a war risk premium but doesn't expect it to have a big impact
Civil War Risk: We focus on civil and interstate war, as variants of political instability, drawing on the IHS Economics and Country Risk analysis.
THE Nigerian Maritime Administration and Safety Agency (NIMASA) has expressed concern over Nigeria's rising war risk insurance premium charged by vessels coming into the nations territorial waters, stating that unverified reports on maritime crime within the Gulf Of Guinea combine to misrepresent the nations maritime security to the outside world.
The suspected role of nation-state actors has raised the possibility that insurance companies may attempt to invoke war risk exclusions to escape paying cyber-related insurance claims.
M2 EQUITYBITES-January 24, 2019--Singapore offering marine war risk insurance
BANKING AND CREDIT NEWS-January 24, 2019--Singapore offering marine war risk insurance
According to the contract, Tawuniya will provide insurance coverage for the Saudia fleet against aviation accidents and public liability due to third parties' injuries, death, and property damage as well as war risk.
According to the contract, Tawuniya will provide insurance coverage for the Saudia Airlines aircraft against aviation accidents and public liability due to third parties' injuries, death, and property damage as well as covering war risk.