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This Circular describes the arrangements which have been made to provide special cover for war and terrorism risks, and cover in respect of chemical, biological, bio-chemical and electromagnetic weapons and computer viruses, for the 2022 policy year. War and terrorism risks For 2022, cover for war and terrorism risks will remain available from the Club . ....
Why war risk surcharges in GoG may persist despite Deep Blue Why war risk surcharges in GoG may persist despite Deep Blue Share The deployment of the Deep Blue asset seems to have restored some degree of sanity in Nigerian waters and to some extent, the Gulf of Guinea (GoG) in terms of security. However, the body language of international insurance underwriters indicates that Nigeria might have to wait a little longer to see an end to war risk surcharges on inbound cargoes, writes TOLA ADENUBI. War risk surcharge This is a supplementary carrier charge that is only applied when insurance underwriters designate specific zones as war risks. It covers more than actual wars (invasion, insurrection) including international events that may be escalating toward war, and areas where hijacking (piracy) is prevalent. The surcharge is levied to recover potential extra costs, such as re-routing or additional security. It generally has two components: War Risk Liabilit ....
Time to review war-risk insurance on Nigeria-bound cargoes | The Guardian Nigeria News - Nigeria and World News — Business — The Guardian Nigeria News – Nigeria and World News guardian.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from guardian.ng Daily Mail and Mail on Sunday newspapers.
War and terrorism risks For 2021, cover for war and terrorism risks will remain available from the Club in accordance with the relevant proviso to Rule 3.1.1 of the Rules of Class I. This cover will apply in excess of an insured vessel’s proper hull value, or $500 million, whichever is the lower amount, and will be for a limit of $500 million for 2021, the same figure as that which obtains for the current policy year. Addendum I to this Circular sets out the terms of this excess cover. It will apply to all vessels insured on fully mutual conditions in accordance with the Rules of Class I, into the cover of which these terms will be deemed to be incorporated. ....