CHANGE IN WAR RISK INSURANCE

Press, Volume LXXXIV, Issue 25608, 24 September 1948, Page 5

CHANGE IN WAR RISK INSURANCE

REVERSION TO “ WATERBORNE ” COVER The third post-war conference of the International Marine Insurance Union was held in Holland this month. The Council of the Union has decided to recommend that underwriters of all nations should revert to the “water-borne” war risk agreement of 1938 as originally adopted, but which was varied during the war. This would mean that war risk insurance would be restricted to the period during which cargo is actually in the overseas vessel, with no risk in warehouse or in craft at ports of loading and discharge, and only 15 days’ cover whilst at a port of transhipment. It is probable that this recommendation will receive general ratification throughout the maritime world.

It was also recommended that since in time of war communications might be interrupted, notification of claims to Lloyd’s or to the Institute of London Underwriters would be deemed a sufficient notification, Irrespective of the country or market in which the insurance was placed. The underwriting associations of Cuba, Egypt, Greece, Morocco, and New Zealand have been elected to membership of the union, making 22 countries now represented.