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In legal usage in the English-speaking world, an act of God, act of nature, or damnum fatale ("loss arising from inevitable accident") is an event caused by no direct human action (e.g. severe or extreme weather and other natural disasters) for which individual persons are not responsible and cannot be held legally liable for loss of life, injury, or property damage.
The term "act of terrorism" is defined in the act as: any act certified by the Secretary of the Treasury, in concurrence with the Secretary of Homeland Security and Attorney General, to be an act that is dangerous to human life, property, or infrastructure and to have resulted in damage within the U.S. (or outside the U.S. in the case of a U.S ...
Terrorism insurance is insurance purchased by property owners to cover their potential losses and liabilities that might occur due to terrorist activities. [ not verified in body ] It is considered to be a difficult product for insurance companies, as the odds of terrorist attacks are very difficult to predict and the potential liability enormous.
With global supply chains rattled by the unforeseen coronavirus pandemic, "force majeure" may become the word du jour among global freight forwarders in the coming weeks as more of these firms ...
A war exclusion clause or hostile acts exclusion is a common clause in insurance policies which excludes damage arising from a warlike act between sovereign or quasi-sovereign entities. [ 1 ] [ 2 ] [ 3 ] Insurance companies typically won't cover damages caused by war because such an event could cause damage that would be likely to bankrupt them ...
Force majeure often includes events described as an act of God, though such events remain legally distinct from the clause itself. In practice, most force majeure clauses do not entirely excuse a party's non-performance but suspend it for the duration of the force majeure.
HGTV home renovation stars Jonathan and Drew Scott – best known as the Property Brothers – are fearful that Trump’s proposed tariffs could send construction costs soaring. The brothers ...
Unlike regular insurance policies, war risk policies do not include a broad war exclusion clause. War risk insurance generally has two components: war risk liability, which covers people and items inside the craft and is calculated based on the indemnity amount; and war risk hull, which covers the craft itself and is calculated based on the ...