War risk insurance
Losses incurred through acts of war are not covered by the current insurance policies. A war risk insurance also covers the risk of mine damage. In regard to having one’s ships travel the world, especially also in regard to navigating territories susceptible to war, it is absolutely necessary to conclude war risk insurance, which can then, if necessary, have the scope of its cover extended at short notice.
Due to the dramatic increase in pirate attacks, the risk of piracy may be included in the war risk insurance. There are numerous exclusion zones under the war risk insurance. The entering of such exclusion zones needs to be notified to the war risk insurers in advance, in order not to jeopardise the cover.
The vessel operators or ship owners need to specify to the insurance broker the time of calling at the port and the exclusion zone, as well as the name of the vessel, the total value of the vessel, the name of the vessel and the security company (if applicable). The insurance broker then contacts the war risk insurers and negotiates the supplementary premium for the corresponding port call, taking the aforementioned details as a basis.
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