Date: Thu, 05 Aug 2004


From: (by way of Erik Røsæg <>)

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



International Union of Marine Insurance

Fritz Stabinger




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