Confiscation risk insurance
Insurance coverage for goods exported abroad for the purpose of storage, exhibition, testing or assembly.
Insurable risks:
- Confiscation of insured goods by government agencies.
- Permanent loss of power of disposal over insured goods, or ruin, destruction or damage of such goods due to foreign political risks.
- Permanent loss of power of disposal over insured goods, or ruin, destruction or damage of such goods as a direct consequence of risks posed by force majeure, insofar as these risks were not privately insurable at all or under marketable terms on attachment of risk.
The insured percentage for confiscation risk insurance is generally standardized to 95 percent.
Version: 14.11.2008