All the general insurance companies operating in India are free to underwrite the war risk on marine hulls with effect from January 1 2004 subject to its own rates, terms and conditions further subject to IRDA regulations and guidelines.
Tag: RAW
War and Strikes Risks for Marine Hull
The War and Strikes in respect of Hull and Machinery and subsidiary interests i.e., Freight, Disbursement/Increased Value and Premium Reducing in respect of Indian Flag vessels are covered under the erstwhile Government of India War Risks Insurance Scheme. Since 2005, this Scheme is administered by the GIC. War risks on other interests, such as Loss of Hire, Loss of Profits etc., are excluded from this Scheme. They are covered separately. War risks Policy can be issued by both the private and Public Sector Insurance Companies.
War Clause
A clause in an Insurance contract relieving the insured of liability or reducing his liability for loss caused by war.
War clause (Health Insurance/Life Insurance)
A stipulation that releases the insurer from liability if the loss occurs as a result of an act of war.
War Clauses (Air Cargo ) (Excluding Sending by Post) 2009
The cover provided by the Air Cargo War Clauses is almost identical to the cover in Marine Cargo War clauses, although the format is slightly different and the equivalent to the waterborne clause relates to circumstances of air transit as opposed to carriage by water. Exclusions too are similar to Institute Cargo Clauses (Air) with an additional exclusion reading “In no case shall this insurance cover any claim based upon loss of or frustration of the transit or adventure.” General average and salvage charges are omitted, as they will not apply to air transit. The duration (Transit) Clause provides that the insurance attracts only as the subject matter insured is loaded on the aircraft, till discharged from aircraft at the final place of discharge or on expiry of 15 days counting from midnight of the day of arrival of the aircraft at the final place of discharge whichever shall first occur.
War Clauses (Cargo) 2009
This insurance covers loss of or damage to the subject-matter insured caused by (1) war civil war revolution rebellion insurrection, or civil strife arising therefrom, or any hostile act by or against a belligerent power (2) capture seizure arrest restraint or detainment, arising from risks covered under (1) above, and the consequence thereof or any attempt thereat (3) derelict mines torpedoes bombs or other derelict weapons of war. The War Risks Clauses also include the exclusion regarding any claim based on loss of or frustration of the voyage. The period of cover (as before with the 1982 version) is more limited under the War Risks Transit Clause, being from loading on to the oversea vessel until discharge at the final port or place of discharge.
War exclusion
A provision found in nearly all insurance policies that excludes loss arising out of war or warlike actions. The loss can result from either declared or undeclared war but must be related to actions of a military force directed by a sovereign power. Prior to the September 11, 2001, terrorist attacks, the war exclusions in most liability insurance policies applied only with respect to contractually assumed liability, on the theory that private persons and organizations could not otherwise incur liability in connection with war. Following the September 11, 2001, terrorist attacks, “war and terrorism” exclusions that broadened the war portion of the exclusion beyond contractually assumed liability were quickly added to liability policies. That broadened war exclusion is now standard, regardless of whether terrorism is insured or excluded in the policy.
War exclusion clause
Provision in a life insurance policy that limits the insurance company’s liability to pay a death benefit if the insured’s death is associated with war or military service.
War risk
Special coverage on cargo in overseas ships against the risk of being confiscated by a government in wartime. It is excluded from standard ocean marine insurance and can be purchased separately. It often excludes cargo awaiting shipment on a wharf or on ships after fifteen days of arrival in port.
War Risk Areas (WRAs)
These areas are clearly demarcated within each policy, the majority of which refer to those defined by the Joint War Committee (JWC) as “listed areas,” though there is no single global authority.