The Insurance Council is aware of a terrorism exclusion in insurance policies
The Insurance Council is aware of a terrorism exclusion in insurance policies
21 March 2019
The clause states insurance policies don't have to cover damage caused by terrorist attacks.
Insurance Council CEO, Tim Grafton, says terrorism exclusions have been in place for many years globally, as insurers can't obtain reinsurance cover for such events.
But he says a number of their members are waiving the terrorism exclusions in the wake of Friday's tragedy.
Grafton expects other insurers to follow suit, though it's up to each provider to decide.
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