Date:
Thu,
To: nifs-athens@jus.uio.no
From:
Fritz_Stabinger@swissre.com (by way of Erik Røsæg <erik.rosag@jus.uio.no>)
Subject:
IUMI's comments - follow-up
Dear Mr Rosaeg -
referring to my yesterday's e-mail, for your
information the definition of terrorism as widely used and accepted by
insurers, reinsurers and insureds:
Terrorism means any act(s) of any person(s) or organisation(s) involving:
i. the causing, occasioning or
threatening of harm of whatever nature and by whatever means;
ii. putting the public or any section
of the public in fear,
in circumstances in which it is
reasonable to conclude that the purpose(s) of the person(s) or organisation(s) concerned are wholly or partly of a
political, religious, ideological or similar nature.
Key-expression
probably is 'wholly or partly', insurers thus avoiding the wholly caused
discussion.
May I
also comment that terrorism as defined above is generally excluded from cover -
there is, however, a so-called buy-back provision (i.e. an inclusion of the
exclusion) where insurers basically cover
- ships afloat, under construction or
in docks (this means, inter alia, that Piräus - Olympics - is covered)
- seawalls, docks etc.
- energy risks
- cargo in transit
- airborne and waterborne cargo.
I hope
that this further clarifies.
Best
regards
IUMI
International
Fritz Stabinger
Secretary-General
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