2002 Policy Year Special Cover for War Risks P&I

20 February 2002 No.01-016
We refer to circular number 01-005 dated 27 September 2001 and circular number 01-007 dated 16 October 2001.

The Association have decided to continue to arrange a War Risks P&I Cover for the Members for 2002 Policy Year which will respond to claims excluded by Rule 35.1(2) of the Association. The limit of this cover has been increased to US$ 200 million.

The cover for War Risks P & I will only respond to claims in excess of the US dollar amount equivalent to the proper value of the entered ship in accordance with Rule 35 2 (2), or the amount recoverable from war risks underwriters whichever is the greater. For ships with a proper value in excess of US$ 100 million, the proper value will be deemed not to exceed US$ 100 million in this respect.

The Directors will retain an absolute discretion to pay claims within this excess.