The countries Ukraine, Russia and Belarus can currently often no longer be included in the insurance. In most cases, this also applies to an upcoming extension of contract terms.
EXCLUSION FROM WAR
Property and business interruption insurance policies contain provisions that exclude or limit coverage due to war events. An exclusion primarily affects policyholders who own or operate business premises or the like in the war zone and whose facilities, buildings, goods and merchandise are damaged/destroyed by acts of war.
The EU and the USA have adopted far-reaching sanctions against Russia and Belarus. Please refer to the information on the website of the Federal Office of Economics and Export Control: Russia | Belarus.
In principle, insurance coverage continues to exist in the affected areas of Ukraine, Russia and Belarus, whereby damage due to war, etc. is also excluded in the liability insurance.
In addition, the sanctions clauses now common in liability policies are applicable, which, depending on the insurer, relate only to German and EU sanctions or also include US sanctions. According to these, insurance cover only exists insofar as this is not opposed by any economic, trade or financial actions directly applicable to the contracting parties.
Insurance coverage for subsidiaries in Ukraine is still possible in international program policies, with or without a local policy, depending on feasibility.
Co-insurance of subsidiaries in Russia and Belarus is currently proving more difficult, as insurers are now closely scrutinizing the ownership structure of the companies to be insured.
Transport insurers are currently making widespread use of the option to terminate the war, strike and riot, and seizure clauses.
The cancellations relate exclusively to the aforementioned clauses. For the remaining risks, unchanged coverage continues to exist within the framework of existing transport insurance policies. Due to terminations of individual clauses by the insurer, there is a special right of termination for the entire policy. Within four weeks after termination by the insurer, customers have the option to cancel the entire policy with one week’s notice. This right exists, although we do not recommend this if the aim is to cover the risk of the above-mentioned clauses with another insurer.
The transport insurers will cancel these risks at short notice, if they have not already done so. The risks will not be included in new cover!
Credit insurers have virtually lifted coverage for Ukraine, Russia and Belarus. If your portfolio contains corresponding limits, your credit insurer will contact you directly to obtain up-to-date information on the outstanding balance. In individual cases, coverage is still possible.
You can also obtain up-to-date information, for example, at the Euler Hermes-Website
In connection with the developments, sanctions have been and are being expanded considerably. If you do not yet have an automated checking process for your business partners (suppliers and customers), please contact us. Keyword: Compliance Service/PEP and sanctions lists.
Auch bei As a rule, cyber insurance does not provide cover in connection with war or acts of terrorism. However, it is questionable whether insurers can invoke their exemption from benefits in the case of companies attacked in Germany. The characteristic of intergovernmentalism is missing here, since Russia is not at war with Germany.
Ransomware ransom payments
Due to the sanctions against Russia, ransom payments to Russian hackers are sanctioned, accordingly no payments may be made!
BSI warns against the use of Kaspersky antivirus products
The German Federal Office for Information Security (BSI) now warns on its website against the use of antivirus software from the Russian manufacturer Kaspersky.
At the moment, the use of Kaspersky software does not restrict cyber insurance coverage for existing contracts. However, companies should consider the question of which software manufacturer they can continue to trust in the future. When considered in a broader context, this question should ideally be embedded in an overarching resilience strategy, including preparation for a potentially imminent widespread geopolitical conflict.
PERSONAL LIABILITY INSURANCE
If you would like to extend the group of insured persons in your personal liability insurance (PHV) to include persons seeking protection from Ukraine, please contact us. We were able to agree on uncomplicated regulations with the insurers.
LIABILITY COVER FOR UNINSURED UKRAINIAN CARS IN GERMANY
German insurers cover possible motor liability claims of uninsured Ukrainian passenger cars in Germany, thus enabling them to drive on German roads. Possible traffic victims, owners and drivers of Ukrainian vehicles are thus protected within the scope of the applicable minimum coverage amount.
The assumption of claims is initially valid until May 31, 2022. For more information, visit the Website of the GDV e.V.
REPURPOSING OF PROPERTIES
Numerous private individuals and companies are actively helping refugees. If you are planning to change the use of objects, please bear in mind that this may be considered an increase in risk by the insurance company. Please inform us about this!
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Please contact your familiar contact persons in our office and field service at any time for the above-mentioned and other topics or use our Contact form!