Terror damage insurance
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New York, Istanbul, Madrid, Moscow, London: Not only since September 11, 2001, the world is in the grip of radicals and terrorists. But, since 09/11, the insurance situation in Germany has changed: Since then, the coverage of terror damage for major risks in this country is no longer possible.
To ensure the insurability of major risks in Germany, on September 3, 2002, 16 German insurance companies founded a specialist insurer to specifically hedge these risks.
The specialist insurer covers property damage and property damage caused by acts of terrorism only from a sum insured of more than € 25 million. It does not matter whether the risks are covered by the property / BU insurer in one or more policies. For risks up to a total of € 25 million, this insurance offers no cover. Sums insured below EUR 25 million can be offered to selected insurers as a special cover concept.
What does this insurance cover? b>
1. The insurer shall, as far as this is specially agreed, pay compensation for insured property, which is provided by:
- Fire, explosion, li>
- Impact or crash of aircraft or missiles and vehicles of all kinds, their parts or cargo, li>
- other malicious damage, li>
be destroyed or damaged or lost as far as the mentioned dangers are caused by an act of terrorism committed in the Federal Republic of Germany (insured event).
2. Acts of terrorism are any acts of persons or groups of people for the attainment of political, religious, ethnic or ideological goals that are likely to spread fear or horror among the population or parts of the population and thereby influence a government or state institutions.
Sums insured span> strong>
Between the existing property and BU contracts and the insurance against terrorism claims to be concluded there should be an equality of coverage in respect of the sums insured.
Since the BU coverage in the terrorist insurance does not contain either a premium refund or a post-liability rule, the sum insured should be sufficiently selected by the policyholder to avoid underinsurance in line with the expected business development.
Under certain conditions, a coverage can be provided. It is possible to insure new value or fair value.
So-called. Cost damages according to ATB section A 4 are covered by a lump sum of 10% of the sum insured at first risk. In order to obtain adequate insurance cover, the sum insured must therefore be increased by 10% (max. Otherwise, the general provisions on underinsurance apply.