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
Since late September, international shipping companies have been levying war risk insurance surcharges of 100 USD per container or 5 USD per ton on all cargo to and from Pakistan.
However, Cathay Pacific said Monday it has reached a deal with a private insurance company to increase the war risk insurance, enabling it to continue to operate as normal.
That is why the FAA has another role besides that of regulating safety standards: the federal body also steps in to provide war risk insurance, coverage for certain catastrophes and emergencies at reasonable terms for airlines that cannot get it anywhere else.
Limited Tenders are invited for Tender For Renewal Of Marine Hull And Machinery And War Risk Insurance Covers For The Policy Year 2015-16 Called From Four Indian Public Sector Insurance Companies
The event was held to mark the 35th anniversary of Bahrain-based Arab War Risk Insurance Syndicate (AWRIS).
"No ship owner would want to send his vessel to the region for repairs since there would be massive war risk insurance involved.
airline lobbied on legislation dealing with aviation security, passenger rights, war risk insurance, tax issues and Federal Aviation Administration reauthorization, according to the form posted online Feb.
War risk insurance and security issues cost airlines EUR1.9bn, which according to IATA should be covered by governments.
Additionally, when life insurance for veterans had its beginning in the War Risk Insurance program, first made available to members of the Armed forces in 1917, coverage was limited to $10,000.
Commercial insurers withdrew third party war risk insurance in the aftermath of September 11 attacks.
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.