” href=”https://www.law360.com/cybersecurity-privacy/articles/1483046?utm_source=rss&utm_medium=rss&utm_campaign=section#”>Daphne Zhang Law360 (April 11, 2022, 11:19 PM EDT) — Global corporations are anxious about the Ukraine war’s business tolls, while their insurers are already canceling coverage and adding exclusions for their losses in Russia, Belarus and Ukraine, broker Willis Towers Watson said in a risk management conference on Monday.
WTW’s directors and risk managers from other companies discussed insurance coverage possibilities of the Ukraine crisis at a panel at Risk Management Society Inc.’s annual conference in San Francisco.
Willis Towers Watson directors and other companies’ risk managers discussed the ramifications of the war in Ukraine on insurers and their business clients Monday at Risk Management Society’s annual conference. (Video screenshot)
“Over the last 30 to 45 days, we’ve seen a huge increase in inquiries from clients,” said Phillip Seel, WTW’s head of special risks in North America. “They are asking about what insurance they have and who is insured from their workforce. Is it just their expatriates, and what about local, national and business travelers?”
Some policies that provide evacuation coverage have endorsements that still exclude local nationals, he said. Insured companies are also concerned about detention risks if an individual employee or business traveler is detained under a false pretext by Russian or Belorussian authorities, Seel said.
In theory, policyholders can rely on special crime policies without territorial