It follows similar action taken in Europe as governments step in to fill the void left by international insurers that decided following the September 11 attacks on the United States that they would no longer provide war-risk liability.

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Besides, this latest revolution is being conducted under perfect conditions--no inflation, no war and a Fort Knox of risk capital available to all.

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This market has been assured from the highest authority, credible or not, that the European Central Bank (ECB) sees no risk of a currency war and that it must be avoided.

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Before the piracy boom, marine insurers like Lloyd's had no reason to levy premiums to cover war risk (under which piracy falls), kidnapping and ransom.

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Robinson noted that soldiers in the field today are not at risk for Gulf War illness, because the military is no longer using the PB pills or pesticides that led to the illness in 1990 and 1991.

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