Press Article: Viewpoint: Managing the broad scope of war risk

News & Insights 13 August 2019


War risks can range across several different covers and both shipowners and underwriters need to ensure they are not unwittingly exposed.

War risks can range across several different covers and both shipowners and underwriters need to ensure they are not unwittingly exposed.

Recent events in the Middle East Gulf have shone a spotlight on marine war risks insurance, a cover routinely taken out by ship­owners but one that rarely needs to be accessed.

Arguably not since the Iran-Iraq war of the 1980s, during which many merchant ships, principally tankers, were subject to attack, has cover for marine war risks attained such relevance.

Shipowners face several different exposures when trading a ship to areas that are subject to war risks. Not only is there a risk of physical damage to their ship from war, weapons of war, terrorists and others but their ship may also be seized, detained or otherwise blocked or trapped with no prospect of ever recovering it.

 

The full article can be found here, reproduced with kind permission of Insurance Day.


If you have any further questions feel free to contact our War Risks class team.

 

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