Lebanon – Insurers are waiting for investigations on explosion
Monday, 08 10 2020, Category: Insurance and Reinsurance, Country: Lebanon
Lebanon’s insurance companies are waiting for the completion of the investigation into the causes of Beirut Port’s explosion before deciding whether the shipping companies, terminal owners, businesses and houses that were damaged meet the conditions for insurance coverage, the head of the Lebanese insurance association said Thursday.
“It’s too early to talk about the total cost of losses caused by the explosion until the authorities complete their investigation into the real causes of the explosion. If for example, the insurance policy excludes accidents resulting from bombs, chemicals, dangerous materials or act of war or act of terrorism, the companies will not cover the cost of material damages, Elie Torbey, chairman of the Association of Insurance Companies, told The Daily Star.
Initial reports say that the cause of the explosion was caused by a fire in one of the warehouses that triggered the explosion of 2,750 tons of ammonium nitrate at Beirut Port.
Source: Daily Star