Ocean Marine Insurance, War Risks
Coverage on cargo in overseas ships for war-caused liability excluded under standard ocean marine insurance. Not covered is cargo awaiting shipment on a wharf, or on ships after 15 days of arrival at a port. Confiscation of the cargo by a government is covered. Most policies have an automatic termination clause that goes into effect within 60 days of the declaration of war between countries specified in the policy.
Popular Insurance Terms
Treaty adopted by most major countries to determine adjustment for general average in ocean marine insurance. ...
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Statement issued by the insurance company denying a claim under the insurance policy on the grounds that a condition or policy provision has been breached. ...
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Agency that sells insurance policies from both a stock insurance company and a mutual insurance company. ...
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