The main purpose of business travel insurance, just like private travel insurance, is to cover emergency medical care and return transport home as well as necessary assistance provided by the insurer, like medical evacuation in an emergency. In this context, it must again be explicitly pointed out that a political evacuation from an area of [...]
Trading companies and manufacturers of goods have their deliveries insured in a global transport insurance policy based on turnover. The scope of coverage is usually "all risks" according to the Institute Cargo Clauses or similar wordings. The current situation in Ukraine is classified as war since Russia has occupied Ukrainian territory with a regular army. [...]
This is an overview of the current status of EU measures, with more focus on sanctions relevant to the financial sector/insurance (mediation) services. The summary includes the sanctions imposed in 2014 against Russia and Crimea, which are still in effect, and the sanctions most recently imposed in February of 2022 which are again in addition [...]
A major German health insurer states that insurance cover for persons in Russia and Ukraine continues to exist without any limitation, as long as these persons do not actively participate in the war (Passive war cover for non-combatants). The insurer underlines, however, that due to current sanctions all claim payments, direct settlements with medical institutions [...]
Like other insurance lines, aviation insurance also excludes damage caused in connection with war and terrorism. The specific definition in the insurance policies says that there is no cover for claims caused by war, invasion, acts of foreign enemies, hostilities (whether war be declared or not), civil war, rebellion, revolution insurrection, material law, military or [...]
Dear partners, the following is an open letter from Ukrainian insurers and brokers' associations. Dear colleagues and partners! Since February 24, 2022, Ukraine has been fighting against the armed aggression of the Russian Federation. You know that the Russian army invaded the territory of Ukraine practically from every direction with only one goal: to prevent [...]
Howden Group Holdings (Howden) has secured a total holding of 86.965% of the share capital of Assiteca S.p.A (Assiteca), the largest Italian-headquartered broker. Today, Howden confirmed that it has signed a definitive share sale and purchase agreement with Lucca's S.r.l., a company controlled by Assiteca's founder, Luciano Lucca, and Chaise S.p.A., a company owned indirectly [...]
Ukraine crisis - trade credit insurance and political risk In view of the dramatic developments in Ukraine, many companies are asking themselves how (and if at all) their trade receivables are secured in the event of a default in connection with an economic or political risk. Frankly speaking, there is no simple yes or no [...]
Property damage caused by war on land – aspects regarding insurance cover In this information and in oncoming postings we will focus on the question what actions of war as we see them currently in Ukraine mean for the existence of insurance coverage and for payments of damages by the insurer. We start with the [...]
The leading princible of our Global TRC Network is "WE ARE TRC". TRC is not a company based in Hamburg, Switzerland and United States but a community of thousands of people in 178 countries. Corona deaths have spiked in mid 2021 in India and many Indian people had difficults to access necessary medical treatments. [...]