Tag: War Risks

Work to revise the BIMCO War Cancellation Clause 2004, the BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013) and the BIMCO War Risks Clause for Voyage Chartering 2013 (VOYWAR 2013) clauses has begun.

The Director-General of Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh, has called for a removal of War Risk Insurance on Nigerian-bound cargoes, claiming a threat to Nigeria’s maritime trade.

The Britannia P&I Club issued a circular which describes the arrangements which have been made, in order to provide a special cover for war and terrorism risks and cover in respect of biological and bio-chemical weapons for the 2020 policy year.

After the recent attacks in the Gulf of Oman, Hapag Lloyd announced that the operating costs for their services in the Middle East Gulf region have increased. The attacks shocked the shipping industry resulting to CMA CGM also increasing its insurance costs in the area and implementing a War Risk Surcharge.

CMA CGM informed that after considering the recent incidents in the Strait of Hormuz and the related significantly increasing insurance costs in the Middle East Gulf region, it decided to implement a War Risk Surcharge. The War Risk Surcharge will apply from July 5th, 2019.

Hong Kong China War Risk Syndicate, a new marine insurance facility aimed at protecting Chinese and Asian shipowners from the risks of war and related perils, such as piracy attacks, was launched on 20 November 2017.

Rod Lingard, Thomas Miller War Risks Services Ltd, focuses on war risks hot topics and outlines recent developments in a number of areas including, the Gulf of Guinea, particularly Nigeria, Somalia, Yemen and the Bab el-Mandeb Strait, Asia particularly the Sulu Sea.

The American P&I Club has issued circular describing the arrangements which have been made to provide special cover for war and terrorism risks, and cover in respect of biological and bio-chemical weapons for the 2016 policy year

BIMCO: Updated War Risks and Piracy Clauses ready for Committee s review

Experts scrutinise War Risks and Piracy Clauses