The War Risks Class provides cover for losses caused by war or terrorism in respect of physical loss or damage to the Entered Ship, P&I liabilities and losses incurred as a consequence of an entered ship being blocked or trapped in an area of conflict.
Our War Risks cover has its origins in the Marine and Aviation Insurance (War Risks) Act 1952 and the ‘Reinsurance Agreement’ the Secretary of State for Transport made pursuant to it, providing state insurance against the Queen’s Enemy Risks for British owned/flagged ships. This has since evolved and the Class is now open to all Members.
The cover is designed to respond to war perils which are otherwise excluded under basic marine policies. These include losses caused by:
- Loss of or Damage to an Entered Ship
- Detention following Capture, Seizure, Arrest, Restraint or Detainment
- Collision Liability
- Wreck Liability
- Requisitioned and Chartered Ships
- Sue and Labour
For more specific information on this cover, please click on our War Risks Rules below:
War Risks cover is provided by a separate Mutual Class in order to provide its ship owning Members with the most comprehensive and cost effective means of War Risk insurance available accompanied by the same high levels of service provided by us to our other Classes.
Premiums & Limits
As is the case with most commercial War Risks policies, the premium for this Class is calculated on a percentage of an Entered Ship’s value and its flag with ‘Restricted Trading’ discounts available. A further ‘Advance Premium’ is payable for trading in designated areas which must be priced in advance of a vessel’s call.
For the most up-to-date ‘Advance Contribution Rates’ and applicable Limits, please see our latest Class III War Risk Circular
Alternatively, should you require any further information, please contact your usual Underwriting contact.