War Damage Insurance Corporation
What Does War Damage Insurance Corporation Mean?
The War Damage Insurance Corporation is a program Congress established in 1942. This program pledged to pay for any losses or damage to property in the United States as a result of an enemy attack. To get coverage, American property owners had to pay insurance premiums to the War Damage Insurance Corporation. This program ended after World War II.
Insuranceopedia Explains War Damage Insurance Corporation
Private insurers usually do not cover damages from acts of war. They find this risk too costly to cover because a war can cause so much damage in a short amount of time. This put many Americans in a risky financial situation during World War II. As a result, the government launched the War Damage Insurance Corporation to address this coverage gap.
While the War Damage Insurance Corporation ended after World War II, the government continued to launch new programs to provide war insurance to American citizens and companies.
