War risk insurance
Insurance coverage against war risks as outlined in detail in some dozen rather than specific paragraphs of an insurance policy. The policy conditions must be read for complete understanding. In general, they cover risks of captured seizure, destruction or damage by warlike operation. Delay or loss of market is excluded. War risk insurance generally attaches as goods are first loaded on board a vessel at the port of shipment, and it ceases to attach as goods are landed at the intended port of discharge or on the expiry of 15 days from arrival of the overseas vessel whichever first occurs. The war risk policy is subject to 48 hours cancellation by either party. However, it cannot be cancelled on shipments upon which insurance has already attached. Since the cancellation provision is used at times for charging the conditions of insurance the current coverage should be studied for exact understanding of the war risk policy.