The marine insurance market generally excludes liabilities arising from war risks from normal cover. With the increase in incidences of piracy, many hull underwriters, which previously included piracy as a named peril, have excluded this from cover and it is now more commonly covered by war risks policies.
The risks covered are subject to a number of exceptions and various types of war risk policies include,
- Protection and indemnity risks insurance for P&I type risks.
- Insurance for detention and diversion expenses.
- Insurance for sue and labour losses.
Kish P&I club provide insurance for P&I claims arising from war risks. The types of risk covered will be as follows,
- War, civil war, revolution, rebellion, insurrection, civil strife or any hostile act involving a belligerent power.
- Capture, seizure, arrest, restraint or detainment.
- Mines, torpedoes, bombs or other weapons of war, including derelict weapons of war.
- Strikers, locked-out workmen, or persons taking part in labour disturbances, riots or civil commotions any terrorist or any person acting maliciously or from a political motive.
- Piracy or violent theft.
- Confiscation or expropriation.