in February British marine underwriters, after. a prolonged study of the situation, have decided that under modern conditions of warfare such widespread destruction of property is possible that the accumulated cargo values at certain ports would create liability which, says the "Financial News," even the whole marine insurance market might well be unable to meet.
Non-marine underwriters have -already ceased to grant war risk cover on shore, and marine underwriters now propose to limit the cover granted under a marine contract the period from the time the is loaded on board the vessel until such interest is charged overside from. the overseas vessel, or until the expiry of fifteen days from midnight of the day on which such vessel is safely anchored or moored at the final port of discharge, whichever shall first occur The agreement is to be made applicable io sailings on and after February 1, 1888, and in order to bring the agreement into force the necessary war cancellation notice has been given as from December 23, 1987, under all insurance contracts, it being understood, however, that in respect of sales contracts entered into prior to December 23 permission may be given in such circumstances to grant the existing war risk cover for sailings up to and including
Text read from the printed page and cleaned; old type leaves the occasional error.