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War risks insurance

Cover on ships or cargo against war risks, derelict mines, torpedoes, bombs etc.. Cover is under the Institute War Clauses (Cargo) and the Institute War and Strikes Clauses (Hulls-Time). Cargo is covered under a voyage policy only while on board the oversea vessel except for restricted cover while in craft. War risks and strikes cover for hulls is on a time policy but cover terminates automatically if there is war between the major powers, or the vessel is requisitioned, otherwise it can be terminated at seven days’ notice. Open covers and floating policies are also subject to seven days’ cancellation. The waterborne agreement brings marine insurance into line with non-marine insurance (i.e. excludes war risks on land-based property). See WAR AND CIVIL WAR EXCLUSION AGREEMENT; WAR RISKS.

War Risks Marine Cargo and Hull

In Marine Ocean insurance the possible aggressive actions against a ship and its cargo by a belligerent government. This risk can be insured by a marine policy with a war risk clause. War risk is covered only on water and not on land as enshrined in the Waterborne Agreement. War risk cover incepts only when the subject matter insured or part thereof is loaded on to an overseas vessel. The cover terminates on discharge of the subject matter or part thereof at the final port or place of discharge or if the vessel arrives at the final place or port of discharge but does not discharge the cargo, then 15 days from the date of arrival of the vessel, whichever is earlier. The cover remain in force during transshipment.

War risks/perils

Fundamental risks connected with political and related matters capable of causing widespread damage. War risks are excluded from material damage policies covering property on land and more usually covered under central government schemes. War perils include: war, civil war (q.v), rebellion, insurrection, usurped power, military or usurped power, civil commotion, martial law. See WAR AND CIVIL RISKS EXCLUSION ON AGREEMENT.

Warehouse Receipt

A receipt of commodities deposited in a warehouse, identifying the commodities deposited. It is non-negotiable if permitting delivery only to a specified person or firm, but it is negotiable if made out to the order of a person or firm or to a bearer. Endorsement (without endorsement if made out to bearer) and delivery of a negotiable warehouse receipt service to transfer the property covered by the receipt serves to transfer the property covered by the receipt. Warehouse receipts are common documents in international banking and trade.