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War Exclusion Clause
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. Insurance companies typically will not 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'' 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 c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Exclusion Clause
Exclusion clauses and limitation clauses are terms in a contract which seek to restrict the rights of the parties to the contract. Traditionally, the district courts have sought to limit the operation of exclusion clauses. In addition to numerous common law rules limiting their operation, in England and Wales Consumer Contracts Regulations 1999. The Unfair Contract Terms Act 1977 applies to all contracts, but the Unfair Terms in Consumer Contracts Regulations 1999, unlike the common law rules, do differentiate between contracts between businesses and contracts between business and consumer, so the law seems to explicitly recognize the greater possibility of exploitation of the consumer by businesses. Types of exclusion clause There are various methods by which a party may seek to exclude or mitigate liability by use of a contractual term: * True exclusion clause: The clause recognizes a potential breach of contract, and then excuses liability for the breach. Alternatively, t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
War Risk Insurance
War risk insurance is a type of insurance which covers damage due to acts of war, including invasion, insurrection, rebellion and hijacking. Some policies also cover damage due to weapons of mass destruction. It is most commonly used in the shipping and aviation industries. Unlike regular insurance policies, war risk policies do not include a broad war exclusion clause. War risk insurance generally has two components: war risk liability, which covers people and items inside the craft and is calculated based on the indemnity amount; and war risk hull, which covers the craft itself and is calculated based on the value of the craft. The premium varies based on the expected stability of the countries to which the vessel will travel. Private war risk insurance policies for aircraft were temporarily cancelled following the September 11, 2001 attacks and later reinstated with substantially lower indemnities. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Terrorism Risk Insurance Act
The Terrorism Risk Insurance Act (TRIA) (, ) is a United States federal law signed into law by President George W. Bush on November 26, 2002. The Act created a federal "backstop" for insurance claims related to acts of terrorism. The Act "provides for a transparent system of shared public and private compensation for insured losses resulting from acts of terrorism." The Act was originally set to expire December 31, 2005, was extended for two years in December 2005, and was extended again on December 26, 2007. The Terrorism Risk Insurance Program Reauthorization Act expired on December 31, 2014. On January 7, 2015 the House of Representatives voted 416-5 to approve the Terrorism Risk Insurance Program Reauthorization Act of 2015, (, ) extending the TRIA through December 31, 2020. The Senate approved the extension the day after by a vote of 93-4. On January 12, 2015, President Barack Obama signed the extension into law. On December 17, 2019 the House of Representatives voted 297- ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cyberattack
A cyberattack (or cyber attack) occurs when there is an unauthorized action against computer infrastructure that compromises the confidentiality, integrity, or availability of its content. The rising dependence on increasingly complex and interconnected computer systems in most domains of life is the main factor that causes vulnerability to cyberattacks, since virtually all computer systems have bugs that can be exploited by attackers. Although it is impossible or impractical to create a perfectly secure system, there are many defense mechanisms that can make a system more difficult to attack, making information security a field of rapidly increasing importance in the world today. Perpetrators of a cyberattack can be criminals, hacktivists, or states. They attempt to find weaknesses in a system, exploit them and create malware to carry out their goals, and deliver it to the targeted system. Once installed, the malware can have a variety of effects depending on its purpose. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Terrorism Insurance
Terrorism insurance is insurance purchased by property owners to cover their potential losses and liabilities that might occur due to terrorist activities. It is considered to be a difficult product for insurance companies, as the odds of terrorist attacks are very difficult to predict and the potential liability enormous. For example, the September 11, 2001 attacks resulted in an estimated $31.7 billion loss. This combination of uncertainty and potentially huge losses makes the setting of premiums a difficult matter. Most insurance companies therefore exclude terrorism from coverage in casualty and property insurance, or else require endorsements to provide coverage. Industry needs Concentration of risk is another factor in determining availability for terrorism insurance. Due to the concentrated losses of the World Trade Center, carriers were hit with large losses in one centralized location. Insurers seek to spread the coverage over a wider geographic area than as with othe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cyber Insurance
Cyber insurance is a specialty insurance product that protects businesses from risks relating to information technology infrastructure and activities. Advantages Because the cyber insurance market in many countries is relatively small compared to other insurance products, its overall impact on emerging cyber threats is difficult to quantify. As the impact to people and businesses from cyber threats is also relatively broad when compared to the scope of protection provided by insurance products, insurance companies continue to develop their services. As well as directly improving security, cyber insurance is beneficial in the event of a large-scale security breach. Insurance provides a smooth funding mechanism for recovery from major losses, helping businesses to return to normal and reducing the need for government assistance. As a side benefit, many cyber-insurance policies require entities attempting to procure cyber insurance policies to participate in an IT security audit bef ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Adjustment Board
In government contracting, a Contract Adjustment Board is a department board at the Secretariat level in the U.S. Government that deals with disputes and requests for extraordinary relief under Public Law 85-804 of Aug. 28, 1958. In brief: Public Law No. 85-804, codified at 50 U.S.C. § 1431-35 (Supp. IV 1998), grants to the President the authority to authorize any agency which exercises functions in connection with the national defense to enter into contracts or into amendments or modifications of contracts, and to make advance payments, without regard to other applicable legal provisions whenever such action would facilitate the national defense. 50 U.S.C. § 1431. The legislative history of the statute indicates that it may also be used as the basis for making indemnity payments under certain government contracts, the so-called "residual powers. " ECR Current Materials at 1005, 1021. The legislative history explains that " e need for indemnity clauses in most cases arises from ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
