Marine Link
Saturday, October 22, 2016

The Cost of War

August 27, 2001

There was a predictable outcry against the London-based War Risk Rating Committee for imposing a huge surcharge on sailings to Sri Lanka following the suicide bombing at Bandaranaike Airport last month, never mind that the surcharge was subsequently cut by a factor of ten. It has been estimated that the total insurance bill for the bombing will wipe out thirty years of the world's total hull aviation premium income in one go. If true, this proves just one thing - that aviation rates are too low. It also overlooks one other thing - that all the needless war risk premiums paid over the years in the hull, cargo and aviation markets would comfortably fund a number of Bandaranaike claims.

Excerpted from Maritime Advocate Online, sponsored by Barcelona lawyer Ignacio de Ros, a specialist in ship arrest, and is distributed free by email to maritime professionals throughout the world. Ignacio Ros can be contacted at:

Maritime Reporter Magazine Cover Oct 2016 - Marine Design Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News