Insurers Amend Policies Over Vehicle Terrorism Attacks
Law360, London (July 24, 2020, 1:01 PM BST) -- British insurers have introduced wordings into motor insurance policies that exclude cover if a vehicle is used in a terrorist attack, amid concerns that claims resulting from a growing number of incidents could "overwhelm the market."
The International Underwriting Association published a so-called model clause on Friday for members to write into their policy wordings. The clause confirms the role of the Motor Insurers' Bureau as the body responsible for paying third-party claims in a terror attack involving a vehicle.
Insurers voted two years ago to share the risks of major claims arising from an attack in which a vehicle was used...
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