Coverage on a (Exchange) Fire insurance policy
The applicable conditions (VMZB 2021) provide that the following is insured with respect to terrorism, political risk and violence:
- Work strike
- The common failure by a number of workers in an enterprise, jointly not to perform or only partially to perform the work legitimately assigned.
- Riots or riots
- Incidental (collective) manifestations of violence.
Excluded from a (Exchange) Fire insurance policy
The applicable conditions (VMZB 2021) also provide that the following are precisely excluded and therefore not insured with respect to terrorism, political risk and violence:
- Uprising
- Organized violent resistance within a state directed against public authority.
- Domestic disturbances
- More or less organized acts of violence occurring in different places within a state.
- Riot
- A more or less organized, local violent movement directed against public authority.
Terrorism Insurance
In particular, the exclusions “Rebellion” and “Insurrection” involve violent actions directed against the state or public authority. Unfortunately, there is a trend that almost all peaceful demonstrations end in acts of violence directed against the state or public authority. The Dutch Reinsurance Company for Terrorism Damage (NHT) does not provide coverage for this either. In addition, the following conditions and restrictions apply:
- Up to EUR 1 billion per calendar year
- Maximum EUR 75 million per site (no index)
- Market franchise of EUR 7.5 million
- Benefit follows only after 2 years and 4 months
For a detailed explanation, please refer to Frequently Asked Questions and When Does the NHT Turn Out and How Does the NHT Work To cover these gaps or insure the consequences of a terrorist attack, you can opt for terrorism insurance. You can complete this in various ways:
- Insurance of Sabotage & Terrorism, that which is explicitly excluded by the Exhibition Fire Conditions (VMBZB 2021) you hereby insure separately;
- Expand Insurance of Sabotage & Terrorism to include: strikes, riots and civil disobedience (SRCC = Strikes, Riots & Civil Commotion)
- Political Risk Insurance; this insurance provides coverage against the consequences of: Sabotage & Terrorism, strikes, riots and civil disobedience as well as insurrection, rebellion, revolution, mutiny, coup, civil war, war.
If you would like to discuss this further, please contact your account manager or the Kröller Boom specialists. Sources consulted: Liberty Specialty Markets, NHT.
