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QUESTION:Of course, most insurance companies also specifically don't insure
against damage resulting from 'acts of war', which means they don't
have to worry about payoffs in the event of the more historically
common general disasters. A company I know of actually had this clause
invoked when a ship carrying some of their heavy equipment parts was
sunk en route to Cyprus at what ended up being a bad time.
ANSWER: Excluding acts of war keeps the insurance company out of two
sorts of risk: The Luftwaffe comes over England and takes out
more housing than any series of fires or natural disasters
can.
Ships are despatched to deliver goods where the likelihood of
being sunk is close to 50%.
Insurance is a pooling of risk; it doesn't do a damn bit of
good when all the insureds (or even a large fraction of them)
experience a loss.
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