Marine War Risk

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What is Marine War Risk Insurance?

A ship owner’s basic insurance needs will normally be covered by three different types of insurance:

  • Hull and machinery
  • Loss of hire and
  • Protection & Indemnity insurance.

However, insurance against war risks is quite different.

What is covered?

The war risks insurance, will compensate the owner for the total loss of the ship if they have been deprived of the ship by the intervention of a foreign state power. Furthermore, it covers the loss of hire element including loss of time, if the ship is forced into a port by a foreign state power for the purpose of capture or temporary detention, regardless of whether there is physical damage to the ship.

It also includes coverage for liabilities and expenses that would have been covered under the ship’s normal P&I insurance, if the event had not been caused by a war risk.

Eg. if a ship-owner has been held liable for oil pollution damage caused by a war peril, it will be covered under the insurance.

What is not covered?

1

Insolvency, or lack of liquidity of the assured or the operation of ordinary legal process to enforce payment of any fine, penalty, debt or right to security unrelated to a claim or liability covered by the insurance

2

Perils covered by the RACE II clause:

• ionizing radiations from or contamination by radioactivity from any nuclear fuel or from any nuclear waste or from the combustion of nuclear fuel
• the radioactive, toxic, explosive or other hazardous or contaminating properties of any nuclear installation, reactor or other nuclear assembly or nuclear component thereof
• any weapon or device employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter
• the radioactive, toxic, explosive or other hazardous or contaminating properties of any radioactive matter
• any chemical, biological, bio-chemical, or electromagnetic weapon
3

Requisition by State power

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