WAR RISKS.

Auckland Star, Volume LXIX, Issue 223, 20 September 1938, Page 10

WAR RISKS.

MARINE POLICIES.

SPECIAL RATE QUOTED.

VARIATION POSSIBJLB.

Auckland ,':ms have received notifica

tiun by insurance companies operating in the Dominion of intention to cancel war risk coverage on marine policies, except in the case of special enddyv>ements. relating to goods in transit. Instead of general coverages, importers requiring insurance are finding it necessary, in most instances, to take out war "rieks, subject to the eunditions in effect at the time of shipment.

The special war risk rate quoted today in Auckland was £1 per cent, but the representatives of one Auckland iin*liran<'c company pointed out that it was qtiite possible for the rate to vary from day to day, and it was said that the companies were a hit "in the dark."' Before quoting marine cover it would he nict's.saiy to cable London underwriter* to quote the rate for the particular day. Most of the shipments from tile United Kingdom to the Dominion, and vice versa, were under open policies, hut war risk was extra.

Jt was pointed out that the present position was solely attributable to the disturbed condition of international affairs, and the outlook at the moment was obscure.