What is ‘War Damage Insurance Corporation’
A government financial protection arm created during World War II to provide coverage for war risks that were not being covered by existing policies. The coverage was provided by the U.S. government and it compensated American nationals who owned property that was damaged by acts of war.
Explaining ‘War Damage Insurance Corporation’
The War Damage Insurance Corporation was established by the War Damage Insurance Act in 1941. It provided for the U.S. government to cover private property war losses that were not fully covered by private insurers. Private insurers often offer limited or no coverage for acts of war because they cannot afford to cover a tremendous number of catastrophic losses in such a short period of time.
Further Reading
- A plan for the liquidation of war finance and the financial rehabilitation of Germany – www.jstor.org [PDF]
- The federal deposit insurance corporation: Regulatory functions and philosophy – www.jstor.org [PDF]
- Export Financing and the Role of the Export Credit Insurance Corporation of Singapore Ltd – heinonline.org [PDF]
- Round Table VI-Insurance Problems at the Front and After War – heinonline.org [PDF]
- Bank distress in Nigeria and the Nigeria deposit insurance corporation intervention – www.journalofbusiness.org [PDF]
- War Damage Insurance Revisited – heinonline.org [PDF]
