Insurance Exclusion Clauses: Excluding War Risks and Terror Risks from Insurance Contracts
Publication Date: June 2001
Publisher: Library of Congress. Congressional Research Service
Author(s):
Research Area: Business
Type:
Abstract:
An insurance policy is only as good as the losses it covers. Most insurance and reinsurance policies exclude classes of risks, perils, and exposures from coverage. Common exclusions include war risks, nuclear risks, political risks, and risks on property exceeding a certain value. After September 11, “it may be that terrorism risk is no longer insurable,†according to Dean R. O’Hare, Chairman and CEO of Chubb, Inc., a major insurer.
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