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Damage caused by tsunami is an insurable risk, rules high court

Source(s): Times of India, the
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Tsunami is an insurable risk, and hence an insurance company is not correct in denying the insured sum to a shipping company on the ground that tsunami is an earthquake-related activity not covered by marine insurance policy , Madras high court has said.

The issue was raised by Cuddalore-based SBK Shipping Private Limited, which said four of its barges had been destroyed in the December 24, 2004 tsunami that hit the east coast of India, killing several thousand people and causing material damage worth crores of rupees.

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Hazards Tsunami
Themes Insurance and risk transfer
Country and region India
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