Holicent
VIP Contributor
All risk insurance is a marine cargo insurance, which excludes strikes, riots, civil disturbance, capture, war, seizure, civil war, piracy, market loss, and inherent vice. All risk covers the majority of dangers. It covers all risks on the high seas including:
-Strikes
-Piracy
-Civil disturbances (including riots)
-War (including hostilities between nations)
-Seizure by a third party without prior consent of the owner or charterer of the vessel (capture)
-Civil War (civil war is generally defined as a situation where two sides are actively engaged in armed conflict against each other or where there exists widespread social unrest against governmental authority).
Inherent vice refers to inherent defects in machinery or equipment that will result in damage to the ship or equipment while under charter or operation. All Risk Insurance coverage is considered an umbrella policy that provides protection against loss or damage to the cargo during transit through the seas or rivers and other watercraft in case of force majeure such as war or terrorism events.
-Strikes
-Piracy
-Civil disturbances (including riots)
-War (including hostilities between nations)
-Seizure by a third party without prior consent of the owner or charterer of the vessel (capture)
-Civil War (civil war is generally defined as a situation where two sides are actively engaged in armed conflict against each other or where there exists widespread social unrest against governmental authority).
Inherent vice refers to inherent defects in machinery or equipment that will result in damage to the ship or equipment while under charter or operation. All Risk Insurance coverage is considered an umbrella policy that provides protection against loss or damage to the cargo during transit through the seas or rivers and other watercraft in case of force majeure such as war or terrorism events.
