The Documentary Committee of BIMCO approved revised versions of its War Risk Clauses, according to BIMCO's release.
The updated clauses are the BIMCO War Risk Clause for Voyage Charter Parties 2025 (VOYWAR 2025) and the BIMCO War Risk Clause for Time Charter Parties 2025 (CONWARTIME 2025).
The revisions were undertaken to address changes in geopolitical challenges affecting the shipping industry.
Nicholas Fell, Chairperson of BIMCO’s Documentary Committee, stated, “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...”
A subcommittee reviewed war risk insurance aspects, including premium payment responsibility and transparency for premiums charged by owners to charterers, particularly for entering high-risk areas. The goal is to ensure clarity and balance regarding these additional premiums.
The subcommittee also introduced a new calculation method for additional freight within VOYWAR 2025, designed to improve commercial viability and apply to re-routing situations beyond unsafe ports. The BIMCO War Cancellation Clause 2004 was reviewed but deemed fit for purpose and was not revised.
Stinne Taiger Ivø, Deputy Secretary General at BIMCO, commented, “In revising our War Risk Clauses, our focus has been on the constant challenges and threats to the way our industry operates. However, we have at the same time aimed to introduce as few changes to the clauses as possible, as they are widely used and recognised within the industry.”
BIMCO is one of the largest international shipping associations representing shipowners, operators, managers, brokers, and agents globally. Founded in 1905 and headquartered in Copenhagen, Denmark, it provides a wide range of services to its members, including standard maritime contracts and clauses (like the ones mentioned in the text), practical information, and advocacy.