I AM not a warmonger, but it is getting harder to ignore the incessant drumbeats which seem to be getting louder through the days. Ukraine and Russia, Israel and Gaza, Sana, Yemen and the Red Sea, and the other tinder dry flash points across the globe, such as our own front yard, the West Philippine Sea.

A risk manager worth his salt should not ignore the risks of the damage a war could bring to his company. He is supposed to identify, evaluate and manage the myriad risks that his company faces. However, the question is, could he insure against war perils? Or, put another way, are damages caused by war covered by insurance? The answer is not so straightforward. As a rule, war perils are excluded under your run-of-the-mill policies, the reason being that losses due to war can be catastrophic and bankrupt insurance companies. Those who have their properties insured are advised to read their policy conditions to see if they have a 'war exclusion clause,' which typically excludes from the policy coverage any damage arising from war or similar activities. However, there are special war coverages that one can obtain, albeit at additional premiums, which can increase as the likelihood of a conflict increases or the capacity for such coverage evaporates altogether. This elusive and expensive coverage (in times of war) is usually known as war risk coverage and typically covers kidnapping and ransom, sabotage, emergency evacuation, worker injury, long-term disability and loss or damage to property or cargo.