New exclusions added to General Insurance policies (effective from 1 July 2021).
You can read the new policy wordings here:
MAS is introducing some changes to the wordings for our general insurance products – the group of insurance that covers things like house, car, and contents insurance, as well as business risk insurance.
Just as our Members buy insurance from MAS, MAS buys its own insurance from reinsurers.
Our reinsurers have changed their policy wordings for general insurance policies to more clearly exclude loss or damage connected with pandemics, cyber-attacks, and legal liability associated with asbestos.
We understand that because reinsurers are introducing these changes across the reinsurance market, it will impact other insurers as well as MAS.
The purpose of the changes is to make it clearer what is intended to be covered, and what is not covered, rather than to materially change the cover currently provided.
As a result, we expect it’s highly unlikely that MAS policyholders will be affected by these changes.
Our policies already excluded certain types of loss and damage relating to pandemics, cyber-attacks, and asbestos-related issues. We could not identify practical examples of Members who would be affected by the change.
The changes will be introduced to new policies and renewing policies from 1 July 2021 onwards, and will apply to your policy when it comes up for its annual renewal.
If you would like to read the previous policy wordings, you can do so on our Insurance Resources page.
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