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November 28, 2008

UK War Risks Club seeks international members

The UK War Risks Club (United Kingdom Mutual War Risks Association) has announced that from February 20, 2009, it will accept applications for war risks insurance from shipowners with no connection with the United Kingdom. Until now, UK War Risks has concentrated on U.K. owned or flagged ships.

UK War Risks is managed by Thomas Miller (which also manages the U.K. P&I Club and several other maritime related mutual insurers.

The UK War Risks Club offers broad war risks cover generally excluded from hull and P&I covers and is designed to fill the gaps those exclusions create. Thus cover includes losses caused by:

    war, civil war, revolution and rebellion

    capture, seizure, arrest, restraint or detention

    mines, torpedoes, bombs or other weapons of war, even when derelict

    strikes and labor disturbances

    terrorists, people acting maliciously or from a political motive

    piracy or violent theft by people from outside the ship

Marketing efforts will focus on existing members with vessels not connected with the U.K. and other owners familiar with P&I mutuality who currently buy their war risks cover in the commercial insurance market. Applications will be considered either directly or through brokers.

Andrew Ward, Director of Underwriting and Marketing for the UK War Risks Club, explained: "We have grown over the years and have been highly successful in attracting and retaining a blue chip membership.

"Whilst remaining firmly committed to the U.K., we believe that providing a mutual war risks solution internationally will be welcomed by a large number of shipowners, particularly when war risks insurance for shipping is once again front page news. We intend to build on our growth over recent years to make the club larger and stronger."

The UK War Risks Club has over 850 entered ships, valued at over $30 billion. The Board's directors include representatives from Carnival, BP and Shell. For the 2008 policy year, UK War Risks offers maximum ship value of UKP 390 million/Eu25million/ . A separate P&I limit (including crew) of UKP 325m illion/Eu 425 million/ $500 million is included as part of the Club's standard cover. Rates for the 2009 policy year will be published in January.


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