At war - Working with charterers when trading in an excluded area
When operating in high-risk areas owners can sometimes come under pressure to allow charterers to place additional war risk cover on their behalf. The Club's Underwriting & Reinsurance team explores some of the pitfalls that can befall the unwary.
Why war cover?
In an increasingly complex world, for many ship operators, the importance of war insurance has sadly become a fact of life. War perils - with their high risk of cumulative damage, liability and loss of time - are understandably excluded from all Marine and P&I policies.
The insurance industry would simply be unable to survive during an armed conflict of some substance if such an exclusion was not in place.
Read the full article in Triton 3-2020