War Damage Insurance Corporation
What Does War Damage Insurance Corporation Mean?
The War Damage Insurance Corporation was a program established by Congress in 1942 to compensate for property losses or damage in the United States caused by enemy attacks. American property owners could obtain coverage by paying insurance premiums to the corporation. The program was discontinued after the conclusion of World War II.
Insuranceopedia Explains War Damage Insurance Corporation
Private insurers typically do not cover damages from acts of war, as the risk is too costly to manage due to the potential for widespread damage in a short period. This left many Americans in a precarious financial position during World War II. To address this coverage gap, the government established the War Damage Insurance Corporation.
Although the War Damage Insurance Corporation ended after World War II, the government continued to implement new programs to provide war insurance to American citizens and businesses.
