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Marine Cargo Insurance > War & Strikes

Traditionally, the Cargo insurance market has charged separately for War and Strikes risks.

Rates for War and Strikes are set by a market body, the War Risks Rating Committee, whose membership comprises underwriters from both Lloyds and the Institute of London Underwriters.

The committee sets basic Scale rates for War and Strikes, which are adhered to throughout the market.

Occasionally, the War Risks Rating Committee will take account of potential or actual trouble spots in the world and will either decree a war rate which is higher than the standard or will refer to the more volatile trouble spots as held covered at rates, terms and conditions to be agreed by the underwriter.

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