Web alert: Standard War Class centenary
News & Insights 31 December 2013
The Standard War Class, a member of the Combined Group of War Risk Associations, has celebrated its 100th year of operation in 2013.
The Standard War Class, a member of the Combined Group of War Risk Associations, has celebrated its 100th year of operation in 2013. The Class provides its members with primary Hull and P&I War Risks coverage on comprehensive terms with high limits. The membership was traditionally drawn from British flagged or operated ships but is open to all nationalities of ship/operator.
The Class benefits from an ‘Omnibus’ Rule not found in the commercial War market as well as being competitive for AP’s for breaches of trading warranties. There are further allowances given where the member takes out a
Kidnap & Ransom policy or employs armed guards whilst trading in the greater Indian Ocean or Nigeria.
- War Hull cover insures physical loss or damage, detention and diversion expenses caused by war, civil war, revolution, rebellion, insurrection, or civil strife etc. arising therefrom, or any hostile act by or against a belligerent power. Rates are annual and not subject to the usual market 7 days’ notice of cancellation and the limit is the Hull value.
- War P&I Cover provides primary P&I cover for liabilities arising from war with a limit of US$ 500M irrespective of Hull value.