What Are Political Risks For Business ? How to Transfer them
Losses Outside the Standard Insurance Policy
A Political Risks Policy is a Contract to Pay/Indemnify Following a Loss Which is Excluded from Most All Risks Aviation, Marine Cargo and Property Policies. Two Types of Insured Loss 1. "Contract Frustration" = Contract Cancellation & Non-Payment for Goods/Services
2. "Confiscation Expropriation or Nationalisation" = Loss of Goods/Equipment/Equity Interests Loss Events Include :-
Calling of Performance/Bid/Retention Bonds/Guarantees
Non-Honouring of Letters of Credit
Nationalisation/Expropriation/Confiscation of Assets
Deprivation / Loss of Use of Assets
Non-Repossession of Capital Equipment
War on Land/Terrorism
Non-Honouring of Arbitration
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