War risk insurance
In today's world, War risk insurance is a topic that is gaining more and more relevance and interest. For some time now, War risk insurance has been the subject of debate and study in different areas, and its impact on society, the economy, health, among others, has aroused the curiosity and interest of many people. In this article, we will explore War risk insurance in depth, analyzing its history, its evolution, and its importance today. In addition, we will examine different perspectives and opinions on War risk insurance, with the aim of providing a comprehensive and enriching vision on this matter.
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War risk insurance is a type of insurance which covers damage due to acts of war, including invasion, insurrection, rebellion and hijacking. Some policies also cover damage due to weapons of mass destruction. It is most commonly used in the shipping and aviation industries. Unlike regular insurance policies, war risk policies do not include a broad war exclusion clause.
War risk insurance generally has two components: war risk liability, which covers people and items inside the craft and is calculated based on the indemnity amount; and war risk hull, which covers the craft itself and is calculated based on the value of the craft. The premium varies based on the expected stability of the countries to which the vessel will travel.
Private war risk insurance policies for aircraft were temporarily cancelled following the September 11, 2001 attacks and later reinstated with substantially lower indemnities. In the wake of this cancellation, the US Congress passed the Terrorism Risk Insurance Act to backstop insurance policies offered to commercial airlines. The International Air Transport Association has argued that airlines operating in states which do not provide war risk insurance are at a competitive disadvantage in this area.
See also
References
- ^ Insurance Coverage for War Risks, Hijacking and Other Related Perils, June 2002 (nbaa.org)
- ^ Flying To Europe? Think Again… E.U. Insurance Regulation Update, April 2005 (nbaa.org)
- ^ War Risk Insurance Coverage (srz.com)
- ^ a b War Risk Insurance (iata.org)
- ^ War-risk insurance program for airlines up for renewal, Chicago Business Journal, Aug. 10, 2006.
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