The Documentary Committee of BIMCO has approved revisions to its War Risk Clauses to reflect changes in the geopolitical challenges facing the shipping industry.The Documentary Committee reviewed the existing BIMCO War Risk
The Documentary Committee of BIMCO has approved revisions to its War Risk Clauses to reflect changes in the geopolitical challenges facing the shipping industry.
The Documentary Committee reviewed the existing BIMCO War Risk Clauses and agreed on the updated versions, BIMCO War Risk Clause for Voyage Charter Parties 2025 (VOYWAR 2025) and the BIMCO War Risk Clause for Time Charter Parties 2025 (CONWARTIME 2025).
A revision of BIMCO’s War Cancellation Clause 2004 was also considered but the subcommittee decided that the clause is fit for purpose.
“We consistently revise our clauses to ensure they are up to date for this global industry. The revisions to the War Risks Clauses are essential to accurately reflect the dynamics of conflicts today, not least the war in Ukraine and recent attacks on shipping in the Red Sea,” says Nicholas Fell, Chairperson of BIMCO’s Documentary Committee.
The subcommittee working on the revisions ahead of the Documentary Committee has also discussed war risk insurance aspects and addressed topics such as the responsibility for premium payment and transparency of the premium payable by charterers to the owners. The premium payment is the additional premium payable for entering into a high-risk area such as the Rea Sea
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