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The Insurance of Aviation War and Terrorism Risks by Specialist War Insurance Markets

  • Yaw Otu Mankata Nyampong
Chapter

Abstract

This chapter focuses on the manner in which insurance coverage for aviation war and terrorism risks and such other closely related perils (referred to altogether for the sake of convenience as aviation war risks) has been provided and/or excluded by the different insurance markets in the period before and after the fateful events of September 11, 2001. In order to provide a broader perspective of the subject, this chapter begins by tracing the historical development of insurance coverage and/or exclusion of war, terrorism and related risks in the London marine market, and the extent to which the practices of the London marine market have been extended and adapted to, or implemented in, other relevant insurance markets, particularly the aviation market. A survey of the judicial interpretations that have been ascribed to some of the specific perils cumulatively described as war and terrorism risks in aviation then follows. The chapter concludes by establishing a consistent trend of aviation war risk insurance market failure each time an extreme insured event materializes. In support of the foregoing, the chapter particularly focuses on documenting the reactions of the air transport industry, national governments as well as other stakeholders to the most recent war risk insurance market failure: that which occurred in the immediate aftermath of September 11, 2001.

Keywords

Insurance Market Insurance Policy English Court Marine Insurance Exclusion Clause 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer-Verlag Berlin Heidelberg 2013

Authors and Affiliations

  • Yaw Otu Mankata Nyampong
    • 1
  1. 1.Faculty of LawMcGill UniversityMontrealCanada

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