When did you last read your War Risks exclusions?
If you think you’re adequately covered for political violence and terrorism (PVT) under your property programme, think again. In this Seminar we will uncover how the war risks, political violence and terrorism exclusions bite far deeper than many people realise.
Contrary to popular belief the words “terrorism”, “political violence” and “war risks” are not synonymous in the insurance sector. Expressions like “the war on terrorism” only serve to add to the confusion. While all involve extreme violence – and are motivated by politics and ideology – they are not the same.
PVT losses have increased dramatically in recent years in areas like Hong Kong, Latin America, the USA and of course Ukraine. Yet, as we will demonstrate, the vast majority of these losses numbering in the USD 100s of billions are uninsured. This despite the fact that separate silos of the specialist insurance market offer solutions for these sorts of risks.
There are two reasons for these huge losses being largely uninsured. Firstly, the cover for terrorism and political violence afforded by general “all risks” policies has been all but eliminated; secondly the stand-alone policies offered by different silos within the specialist market are more complicated and less understood than they should be.
A better understanding begins by reviewing the terrorism, political violence and war risks exclusions in your “all risks” policy, and then the exclusions in your stand-alone terrorism or political violence policies.
This Seminar will shine a light on this neglected but important area of risk and set you on the path to better, more enlightened insurance coverage.
Commercial Risk and BPL Global gathered leading experts in the PVT market in London to discuss critical coverage issues are and how risk managers can bridge the PVT gaps in their property programmes, in an exclusive half day seminar in London on 20th April 2023.
Watch this space for on demand recordings.