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War Risk Insurance

A type of insurance that covers losses due to acts of war, terrorism, or other political violence, which are typically excluded from standard commercial insurance policies.

Reinsurance

Insurance purchased by an insurance company from another insurance company to limit its own exposure to risk. It’s like insurance for insurers.

Commercial Vessels

Ships primarily used for transporting goods (cargo) or passengers for commercial purposes, rather than for military or private recreational use.

Waterborne Commerce

The transportation of goods or people over water, such as by ships, barges, or boats, for trade or economic activity.

Chapter 539 of title 46, United States Code

A section of U.S. law that outlines the general conditions and provisions for the U.S. government to provide war risk insurance or reinsurance for maritime activities, especially during times of national emergency.

Multilateral Insurance Mechanism

An insurance system supported and funded by multiple countries or international organizations, designed to share risk and provide coverage for specific events or activities.