Are there any policies that cover risky business in international waters?
- Thread starter Spin
- Start date
Yes. Life insurance.
- 6,462
Mightn't there be some exclusions depending on the specific nature of the "Risky Business" conducted in the International Waters?
- 29,489
I'm sure that would be covered in the application.
- 29,489
- 10,330
Only in the first 2 years, and only for risks the application asks about.
Scuba Diving is often on there... never seen anything about a submarine.
But after the 2 year contestability period, the only exclusion is an act of war or engaging in illegal activities ... and some will still pay for war depending on the circumstances. I know NYL paid 9/11 victims as well as soldiers who died overseas in the war.
- 11,277
The "Act of War" clause is in the event of a huge bombing or other attack where the death toll is in the hundreds of thousands... and paying on all those claims could sink the entire industry. It's not about a single individual, but about an abboration far from the norms of actuarial expectations.
Not to minimize 9/11, but that death toll wasn't anywhere near such a catastrophe where paying claims could disrupt the industry.
Not to minimize 9/11, but that death toll wasn't anywhere near such a catastrophe where paying claims could disrupt the industry.
- 2,263
There is a difference in using the term "risky" and applying it to a life policy. I was always told that participating in adventurous activities such as SCUBA or skydiving, or bungi for example would not stop a life benefit from being paid so long as it was not your occupation. The OceanGate CEO might have a difficult time collecting on a policy unless it was fully underwritten against the nature of the business but all others should have no problem with a claim.
- 6,462
When I saw the thread headline, the first thing that came to mind was drug running. Not too long after that I thought of arms smuggling and running illegal aliens.
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