Analysis: Pipeline blasts leave Nord Stream in insurance limbo

Reuters ^ | October 24, 2022 | Jonathan Saul, Carolyn Cohn

[House Atreides]

LONDON, Oct 24 (Reuters) - With the mystery of the blasts that destroyed undersea gas pipelines between Russia and Germany unsolved, Nord Stream 1's insurers and reinsurers are grappling with how to respond to hundreds of millions of dollars in potential claims.

Munich Re (MUVGn.DE) and syndicates within the Lloyd's of London market are among the major underwriters for Nord Stream 1, four industry sources with knowledge of the situation said….

…While a claim has not yet been made for the damage and disruption to the pipeline, two of the sources told Reuters, Nord Stream 1's underwriters may dispute any submitted on the grounds that the damage was an act of self-sabotage, or of war, neither of which are generally covered by insurance….

…’DELIBERATE ACT'?

Nord Stream's insurers will have to prove that its policy does not cover the damage caused by the blasts in order to avoid paying out on any claim, lawyers said.

Although property policies typically exclude malicious damage, policy holders often buy extra cover, which is likely in Nord Stream's case, legal and insurance sources said….

…French President Emmanuel Macron said earlier this month that Nordic leaders had told their European partners it was still impossible to say at this stage who was behind the damage.

If a Western state actor was found to be responsible, the damage might be designated as an act of terror, which one broking source said might be covered by insurance.

However, if investigations found Russia to have been involved, insurers could argue it was an act of "self-sabotage", given Gazprom is owned by the state.

"If there was a deliberate act by the policyholder, you are not going to have a covered claim," said David Pryce, managing partner at Fenchurch Law, which is not involved with the policy.

[House Atreides]

“If a Western state actor was found to be responsible, the damage might be designated as an act of terror, which one broking source said might be covered by insurance.” ****************************************************************

If Biden did this RECKLESS ACT (which, IMHO, he almost certainly did) Western European businesses are going to be on the hook for damages and repair costs. European anger at Washington (already rising) will grow even more exponentially. The damage Biden and his puppet masters have done to Western Civilization is in the TENS OF TRILLIONS and growing.

[ProtectOurFreedom]

“If there was a deliberate act by the policyholder, you are not going to have a covered claim,” said David Pryce, managing partner at Fenchurch Law

Sure. They blew up their own pipeline to collect the insurance. The claims get more and more bizarre.

What so hard about “read the damn policy”? It wasn’t put out of commission by ship anchors or fish.

[ClearCase_guy]

Could be a real case of The Emperor’s New Clothes.

It’s been so obvious for so long, but no one wants to tell the Truth even though everyone knows the Truth. But as time passes, as things get worse, and as costs continue to rise, maybe someone will step up and say “Most of this is Joe Biden’s fault.”

[Empire_of_Liberty]

I assume that it’s uninsurable now, in any event.

[pepsionice]

You could add to this...even if repaired and made operational....just how much will the insurance cost increase? 200-percent? 500-percent? I don’t see many companies willing to move on a continued policy.

[Sacajaweau]

Agree...Biden talked “Z” into actually directing the sabotage ..but we supplied the manpower (somehow). We did documents or squealers to prove it. Announce a $1 million dollar reward for .......

[House Atreides]

“ I assume that it’s uninsurable now, in any event.”
***********************************************

I think that’s likely right… unless possibly at much higher premiums. Biden et al have opened up a new and darker chapter in our world.

[DesertRhino]

“With the mystery of the blasts that destroyed undersea gas pipelines between Russia and Germany unsolved, “

Biden did it, Poles were participants as cut outs for deniability. Hell, Poland immediately even thanked the USA for it. Russia wants to move quickly to repair it and said it will happily turn on the surviving part of Nordstream 2. They are being stopped.

That area is under the nose of Poland, Sweden, and US surveillance like no other spot. Satellites, ships, planes, sensors, etc.. yet the wily Russians got there, did it, and escaped with nobody seeing a thing. Did they do it o=in their own waters or side of the Baltic? Noooo they go practically to Germany to do it.

And bonus question. If Russia did this to kill off their ability to send gas to Germany, why have they sent gas to the EU through Ukraine for the entire war?
Bonus question 2. Why would Russia forsake the pipelines that were direct Russia to the EU, and force themselves to transit hostile sticky fingers Ukraine and pay transit fees.

Only a neocon could believe it was anyone except DC.

[kiryandil]

They’re still trying to sell the “Russher Did It” Narrative.