Clause 15-5. War between the major powers
In the event of war or war-like conditions breaking out between any of the following States:
The United Kingdom, the United States of America, France, the Russian Federation, the People’s Republic of China, the insurance against war perils shall automatically terminate.
Clause 15-6. Use of nuclear arms for war purposes
In the event of any use of nuclear arms for war purposes, the insurance shall automatically terminate.
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Clause 15-6. Use of nuclear arms for war purposes
The Clause is intended to have the same effect as the nuclear arms clause used in the English market.
Clause 15-7. Bareboat chartering
If the vessel is bareboat chartered, the insurance shall automatically terminate.
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Clause 15-7. Bareboat chartering
The Clause was edited in Version 2016 by inserting “automatically” instead of “immediately” in order to bring the wording in line with Cl. 15-6.
Clause 15-8. Cancellation
In the event of a change of risk, the person effecting the insurance as well as the insurer is entitled to cancel the insurance of war risks by giving seven days’ notice, but where the circumstances involve one of the States in Cl. 15-5, the notice shall be 72 hours.
The notice period shall commence one workday, at the place of the head office of the claims leader, from midnight on the day of issue. The insurer shall immediately notify the mortgagee of the cancellation.
If the notice of cancellation is given for the sole purpose of amending the Listed areas in Cl. 15-9, the war risks insurance will be automatically reinstated upon expiry of the notice period with the Listed areas being amended in line with the changes outlined in the notice.
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Clause 15-5. War between the major powers
The Clause was edited in Version 2016. It is intended to have the same effect as the Automatic Termination of Cover used for war risk insurance in the English market and regularly included in all war risks reinsurance contracts.