Indirect war risk insurance provides protection against damage, destruction, or loss of insured property caused by accidental collateral physical impact due to a combat missile, rocket-propelled grenades, drones, shells, ammunition, weapons or their debris striking, exploding, or falling.
“Recent geopolitical events are changing people’s perception of risks – residents increasingly think not only about common disasters but also about events that previously seemed unlikely. As the geopolitical environment changes, new threats to residents’ property arise, so we constantly review our insurance solutions to reflect today’s reality and provide clients with greater financial security,” says Julija Judickienė, Head of Products and Risk Assessment Department at Compensa Vienna Insurance Group.
The new insurance coverage applies only to indirect impact situations and escalation stages when there is no official large-scale military conflict; this insurance will not be valid once direct war actions begin or an officially recognized war between states is declared.
Read more US ambassador in Israel condemned settler terror against Palestinians
According to J. Judickienė, indirect war risks were not previously covered under standard residential property insurance contracts. The new risk is chosen at the client’s request and is not automatically included in residential property insurance coverage.
Clients can purchase additional coverage both when concluding new and renewing existing property insurance contracts. A necessary condition is that buildings must be insured together. Indirect war risk insurance cannot be selected if only household property is insured under the contract. The insurance payout will depend on the terms set in the contract and the chosen coverage scope.
Read more Paramedic murder suspect Egidijus Gaigalas returned from detention to work at Biržai Hospital
