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 ?
hull war risk insurance (including automatic termination and cancellation provisions in the event of war); and
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.
On his first visit to Hong Kong since taking up the post at the Geneva-based agency in June, Mr Bisignani also said that war risk insurance premiums were carving a large dent in airline earnings.
11 been pressing for an affordable, non-cancelable and global solution to the war risk insurance issue, strongly supported a solution proposed by International Civil Aviation Organization (ICAO) last January.
First, the federal government, via the FAA, stepped in to provide third-party war risk insurance coverage excess of $50 million after all airlines were notified of cancellation and reinstatement provisions under their war risk liability policies.
Additionally, the federal government will cover the cost difference of any increases in war risk insurance, which is bought by airlines and airports to cover their liabilities in times of war or crisis.
Congress establishes Bureau of War Risk Insurance to satisfy demand.
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.
MANAMA: Bahrain-based Arab War Risk Insurance Syndicate (AWRIS) has reported its highest profitability since inception and the election of a new technical committee.
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.