Anticipating the potential risk, CITGO obtained a marine cargo insurance policy from a syndicate of major reinsurers, including several Lloyd’s syndicates. The policy, in effect from June 2018 to June 2019, provides coverage of up to $100 million and specifically includes an “Institute War Clause (Cargo).” These clauses cover losses caused by “war, civil war, revolution, rebellion, insurrection or civil strife arising therefrom” as well as “capture, seizure, arrest, restraint or detention, the consequences or attempts thereof, arising out of the risks covered by 1.1 above”.
