War exclusion clause explained

A war exclusion clause or hostile acts exclusion is a common clause in insurance policies which excludes damage arising from a warlike act between sovereign or quasi-sovereign entities.[1] [2] [3] Insurance companies typically won't cover damages caused by war because such an event could cause damage that would be likely to bankrupt them if they had to cover it.

Example: You are not insured for: war, civil war, revolution, rebellion, insurrection, or civil strife arising therefrom or any hostile act by or against a belligerent power, capture, seizure, arrest, restraint or detainment (piracy excepted), and the consequences thereof or any attempt thereat, derelict mines, torpedoes, bombs or other derelict weapons of war[4]

Companies and individuals faced with a significant risk of war, such as companies located in politically unstable countries, may be able to purchase a separate war risk insurance policy.

In the US, the Terrorism Risk Insurance Act provides a "backstop" for insurance claims related to acts of terrorism.

Issues

There are a number of possible points of contention with such a clause - in particular whether certain acts of terrorism or cyberattacks are covered.[5] [6]

See also

Notes and References

  1. News: Massmann . Susan . War Risk Exclusion Legal History Outlined . 25 April 2019 . Property Casualty 360 . 30 September 2001.
  2. News: Menapace . Michael . Losses From Malware May Not Be Covered Due To Your Policy's Hostile Acts Exclusion . 25 April 2019 . The National Law Review . 10 March 2019.
  3. News: Stock . Rob . Insurers waive terrorism exclusions for Christchurch shooting victims . 25 April 2019 . Stuff . 19 March 2019.
  4. Web site: Policy Terms, Conditions and Exclusions . Transit NZ . 25 April 2019.
  5. Web site: Kagan . Julia . War Exclusion Clause . Investopedia . 25 April 2019.
  6. News: Field . Matt . Is cyberwarfare war? Insurers balk at paying for some cyberattacks . 25 April 2019 . Bulletin of the Atomic Scientists . 18 April 2019.