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 :-
Non-Delivery
Non-Payment
Contract cancellation
Calling of Performance/Bid/Retention Bonds/Guarantees
Non-Honouring of Letters of Credit
Licence Cancellation
Sanctions/Embargo
Nationalisation/Expropriation/Confiscation of Assets
Deprivation / Loss of Use of Assets
Non-Repossession of Capital Equipment
Currency Non-Transfer/Inconvertibility
War on Land/Terrorism
Business Interruption
Non-Honouring of Arbitration
We have 35+ Years Proven and Positive Experience Guiding and Advising Commercial Companies as a "Virtual Risk Manager" to Recognise and Transfer Risk. We can also act as Insurance Broker being a FCA regulated Authorised Representative of Lloyds Broker Bellwood Prestbury.
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