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Article: Insurers increase war rates for several high-risk areas.(NEWS)
- Article from:
- Business Insurance
- Article date:
- September 7, 2009
- Author:
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: STUART COLLINS
Rates for annual war risk coverage show no signs of increasing, but underwriters are charging significantly increased premiums for certain high-risk zones.
Competition and capacity in the marine war hull market remains high, according to Sean Woollerson, partner at JLT Ltd., part of Jardine Lloyd Thompson P.L.C. in London. As a result, insurance premiums ship owners and charterers have to pay annually for their war cover have remained stable, he said.
But premium rates for marine war hull insurancewhich covers physical damage from acts of war, piracy, terrorism, expropriation, derelict weapons of war, and strike ...