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War & Terrorism
Introduction
Terrorism
Refer to Guy Carpenter Update on Terror Report 2009 for an up-todate review of the terror insurance market.
War
Refer to War Insurance on Land (IUMA 1998)
Some terms
Export credit insurance
A form of credit insurance that protects
an exporter against losses resulting from the inability to collect on
credit that has been extended to commercial customers in other
countries. Coverage is divided into commercial perils (such as the
debtor's insolvency or refusal to pay) and political perils (such as
war or blocked currency). Most foreign credit insurance is provided
through government supported programs, but some plans are jointly
underwritten by governments and private insurers.
Force majeure
An event or accident beyond any person's
control. (French for "superior force"; same as the Latin term vis
major.) It is often understood as natural disasters (or acts of God),
but force majeure also includes mass acts of human agency, such as war
and civil strife.
Frustration clause
An ocean marine provision that applies
when war perils are insured, which states that a loss doesn't exist
simply because of the termination (frustration) of a voyage due to an
outbreak of hostilities. For a loss to exist, the goods must have
suffered actual physical damage.
Overseas Private Investment Corporation (OPIC)
A federal program to provide political
risk insurance on U.S. investments in developing countries. It insures
against confiscation, expropriation, devaluation of currencies, war
exposures, and other perils.
Political perils
A group of perils under an export credit
insurance policy including war, blocked currencies, and other
governmental actions that make payment impossible.
War risk accident insurance
Coverage for accidental death,
dismemberment or disability for civilians who enter areas with an
on-going conflict or risk of war.
War risks insurance
Coverage on ships or cargo against loss or
damage by enemy action and against damages sustained in fighting such
an action. The perils of war are excluded from most policies.
Insurance Sources
(General - Not necessarily accessible by TCIM)
Other Resources
- Global incident Map - Subscription required
- MI5
- Norwegian Marine Insurance Plan
- U.S. Dept. of Treasury guidelines on Terrorism Insurance Program
