July 23rd, 2009

Global Terror Update: China

Posted at 1:00 AM ET

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There are two forms of property insurance — one for foreign investments and another for domestic insureds. In recent years, foreign investment property insurance is being used increasingly for domestic policyholders because of its broad coverage. There is an exclusion clause in the foreign form that excludes war and war-like activities — but no specific mention of terrorism. Insurers generally insert terrorism exclusion clauses in policies, though terrorism cover is available by endorsement.

Hong Kong

The Motor Insurance Bureau (MIB) in Hong Kong has established a limited facility of up to HKD200 million (USD25 million) to provide cover for the claims of innocent third parties in the event of bodily injury caused by a terrorism act through the use of a motor vehicle on the road in Hong Kong. This Hong Kong Motor Terrorist Pool is funded out of the MIB First Fund that has already been established. If this is exhausted, there will be additional levies by the MIB on motorists. In order to retain its motor license in Hong Kong, Lloyd’s has executed a facility via a Supplemental Memorandum of Agreement to the original Motor Memorandum of Agreement for the MIB. 

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