DBRS has published some commentary on the matter of policy wording and how it can lead to expensive class action lawsuits. It acts a reminder that Covid19 proved expensive in ways very few foresaw, even after SARS – remember that? Defining what is, and isn’t covered, in very specific detail is the essence of the insurance contract, so as we head into 2023 with potential events like power cuts, food supply shortages, civil unrest as the Globalist agenda continues to be rolled out and possibly conflict in Taiwan, insurers need to be crystal clear on coverage.
Let’s assume that peace is agreed over Ukraine vs Putin in 2023, will cyber attacks stop, or mystery fires at food, fuel and energy infrastructure? Insurers would be wise to consider defining what an act of warfare or terrorism actually is. Just saying.
DBRS summarises some test cases like the FCA action in the UK, Inchcape Australia vs Chubb and the Kevin Lyons case in Canada.
More detail here.
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