Special Clauses for Marine Cyber Risks and Coronavirus
Due to the requirements of the global reinsurance market, there have been changes in the terms and conditions of reinsurance arranged by the Association from the 2021 policy year. In response to these changes, special clauses entitled “MARINE CYBER EXCLUSION CLAUSE” and “CORONAVIRUS EXCLUSION CLAUSE” will form part of all insurance entries, special covers and other additional insurance policies (policies incepting on or after 20 February 2021), except for Japanese domestic entries, ocean-going owners’ entries with no fixed sum insured and FD&D covers. The outline of both special clauses is as follows (please refer to the attachment for the full clauses).。
- MARINE CYBER EXCLUSION CLAUSE
Excludes cover for costs and expenses caused by cyber attacks other than those covered by War P&I insurance.
- CORONAVIRUS EXCLUSION CLAUSE
Excludes cover for costs and expenses directly arising from coronavirus (including any mutation or variation) and its infections or from any fear or threat of coronavirus or its infections, expenses related to quarantine, and other economic losses, etc.
In addition, the amount of insurance for "Novel Coronavirus (COVID-19) – Additional cover for cargo liabilities arising from deviations for crew changes" as announced in Special Circular No.20-011 dated 11 August, 2020 will be changed to USD10,000,000.
Please ask us if you have any questions on these changes.
For further information, please click here.
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