Date	22 Sep 2026
Location	Online
Speakers	Andreas Bach Anthony Kennaway Erich James Hoesli
APAC/EMEA \| Americas/EMEA	10:00 CET \| 16:00 CET

Affirmative cover	Insurance that expressly states that a particular risk is covered.
Aggregation	The accumulation of multiple losses, policies or lines of business arising from one event, cause or connected series of events.
AIS, or Automatic Identification System	A ship-tracking system that transmits information such as the vessel’s identity, position, course and speed. The absence of an AIS signal does not by itself prove wrongdoing. It may result from technical, operational, safety or deliberate causes.
All-risks policy	A policy covering physical loss or damage unless the relevant cause is specifically excluded. “All risks” does not mean every possible risk. Deductibles, limits, exclusions and policy conditions still apply.
Anchor drag	The movement of a vessel’s anchor along the seabed. An anchor can damage telecommunications cables, electrical interconnectors and pipelines.
Applicable law	The legal system used to interpret an insurance contract. Also called the governing law. Similar policy language may produce different outcomes when interpreted under different legal systems.
Arrest of a ship	A legal procedure under which a vessel is detained to secure a maritime claim or support enforcement. Ship arrest is generally a civil enforcement measure. It does not necessarily imply that the vessel owner committed a criminal offence.
Attachment point	The loss level at which an insurance or reinsurance layer starts to respond. For example, a layer attaching at USD 50 million will only begin to pay after the relevant loss exceeds USD 50 million.
Attritional loss	A relatively small, frequently occurring loss expected in the ordinary course of an insurance portfolio.
Attribution	The process of determining who was responsible for an incident. Attribution is particularly difficult in hybrid conflict because actors may use proxies, obscured ownership structures, misleading information or methods designed to resemble accidents.
AVN 48B	A widely used aviation clause excluding war, hijacking and various associated perils from standard aviation insurance. The excluded perils may include war, terrorism, sabotage, confiscation, seizure and unlawful control of an aircraft.
Backhaul	The terrestrial communications connection carrying data from a cable landing station to data centres, inland networks and users.
Balance of probabilities	A civil standard of proof generally meaning that something is more likely than not to have occurred. Its precise interpretation and application depend on the relevant jurisdiction.
Bank guarantee	A bank’s binding commitment to pay up to an agreed amount if specified conditions are met. In maritime disputes, a bank guarantee may secure a claim and allow an arrested vessel to be released.
Belligerent power	A state or other recognized party actively engaged in armed conflict. Insurance clauses sometimes refer to a “hostile act by or against a belligerent power.”
Beneficial owner	The person or entity that ultimately controls or receives the economic benefit of an asset, even where the asset is formally registered in the name of another company. In shipping, the beneficial owner may be different from the vessel’s registered owner.
Bordereau	A detailed report provided by an insurer, cedant, broker or coverholder listing risks, premiums or claims under an insurance or reinsurance arrangement.
Burden of proof	The obligation placed on a party to prove a particular fact or issue. For example, the insurer may have the burden of proving that a policy exclusion applies.
Burning cost	Historical claims experience expressed as a percentage of premium or exposure. It is frequently used as an input when assessing or pricing a reinsurance programme.
Business interruption, or BI	Loss of income and additional expenses resulting from an interruption to business operations following an insured event.

Cable landing station	A coastal facility at which a subsea telecommunications cable comes ashore and connects to terrestrial networks. Landing stations can create concentration risk because several cable systems may rely on the same location.
Cable-repair vessel	A specialist ship equipped to locate, recover, splice and restore damaged subsea cables. The limited number and availability of these vessels can significantly delay repairs.
Captive	An insurance company established by a corporation or group primarily to insure its own risks.
Cascading loss	A loss that spreads through interconnected systems, infrastructure or supply chains. For example, damage to a cable could disrupt cloud services, which could then affect payments, logistics and manufacturing.
Casualty insurance	Insurance primarily covering legal liabilities, bodily injury and related losses rather than direct physical damage to the insured’s own property.
Catastrophe, or CAT	A major event causing multiple significant losses. Examples include hurricanes, earthquakes, floods, wildfires and large-scale acts of terrorism.
Causal connection	The legally sufficient relationship between an event and the resulting damage. In a war-exclusion dispute, the issue may be whether war was sufficiently connected with the action that caused the damage.
Causation	The factual and legal analysis of what caused a loss. A claim may involve several possible causes, such as negligence, sabotage, cyber activity, war or a defensive military response.
Cedant or ceding company	An insurer that transfers part of its risk to a reinsurer.
Cession	The risk transferred by an insurer to a reinsurer.
Chokepoint	A narrow geographical or operational passage through which a disproportionate amount of shipping, energy or data traffic must pass. Examples include narrow seas, straits and concentrated cable-landing locations.
Civil commotion	A substantial disturbance involving a group of people and a degree of violence or disorder beyond an isolated event. The precise policy definition determines whether an incident qualifies.
Civil standard of proof	The degree of proof generally required in a civil dispute. It is commonly expressed as the balance of probabilities or more likely than not, although the test varies by jurisdiction.
Claims leakage	Claim payments or expenses that might have been avoided through more effective claims investigation, management, negotiation or recovery.
Covert action	An activity conducted so that the identity or involvement of its sponsor remains concealed.
Combined ratio	A key measure of underwriting profitability calculated as: Loss ratio + expense ratio. Below 100% generally indicates an underwriting profit. Above 100% generally indicates an underwriting loss.
Commutation	An agreement settling and terminating all present and future obligations under an insurance or reinsurance contract in exchange for an agreed payment. Commutations are common in runoff business.
Concentration risk	The risk that many insured interests depend on the same location, supplier, service provider, technology or infrastructure.
Concurrent causes	Two or more causes contributing to the same loss. How the policy responds depends on the wording and the applicable legal rules concerning multiple causes.
Coverage	The protection provided by an insurance policy. Coverage is determined by the insuring clause, definitions, conditions, endorsements, exclusions, deductibles and limits.
Coverage trigger	The event or circumstance that activates potential coverage under a policy.
Critical infrastructure	Assets, facilities and systems essential to the functioning of society or the economy. Examples include communications, energy, transport, water, healthcare and financial systems.
Cyber operation	The use of computer systems to disrupt, deny, degrade, manipulate or destroy data, systems or services. Some insurance clauses use a narrower definition requiring the operation to have been conducted by or on behalf of a state.
Cyber-war exclusion	A clause excluding specified losses arising from war or state-linked cyber operations. Modern clauses may include detailed definitions and mechanisms for determining attribution.
D&O insurance	Directors and Officers Liability insurance. It protects directors and officers against certain claims arising from alleged wrongful acts in the management of an organization.
Dark fleet or shadow fleet	An informal term for vessels operating through opaque ownership, registration, insurance or trading arrangements, often in connection with efforts to avoid sanctions or regulatory scrutiny. The expression does not have a single legal definition and should therefore be used cautiously.
Deductible	The amount of an insured loss that must be borne by the insured before the policy begins to respond.
Defence costs	Legal fees, expert fees and related expenses incurred in investigating, defending or resolving a claim or coverage dispute. Depending on the policy, defence costs may be paid inside or outside the policy limit.
Development	The change in the estimated value of a claim or group of claims over time. A claim may develop upward or downward as new information becomes available.
Direct or indirect causation	Policy language describing how closely a cause must be connected to the resulting damage. Wording such as “directly or indirectly occasioned by” may establish a broader connection than language limited to losses directly caused by an event.
Drop down	A situation in which a higher insurance layer responds at a lower level because the underlying layer is unavailable, exhausted or unable to pay. Whether drop-down coverage exists depends on the wording.
Earned premium	The portion of the premium corresponding to the part of the insurance period that has already expired.
Electrical interconnector	A high-voltage cable connecting the electricity systems of two regions or countries. Subsea interconnectors allow electricity to be transferred across national borders.
EPL insurance	Employment Practices Liability insurance. It may cover claims involving alleged discrimination, harassment, retaliation or wrongful termination.
Evidence preservation	The process of protecting documents, electronic records, vessel data, physical material and other evidence that may later be required in litigation, arbitration or recovery proceedings.
Excess layer	A layer of insurance or reinsurance attaching above another layer. For example, a USD 20 million excess layer attaching above USD 10 million responds after the first USD 10 million of the relevant loss has been absorbed.
Excess of Loss, or XOL	Non-proportional reinsurance under which the reinsurer pays losses above an agreed attachment point, up to an agreed limit. For example, USD 10 million excess of USD 20 million means the reinsurer may pay up to USD 10 million after the loss exceeds USD 20 million.
Exclusion	A policy provision removing specified events, causes, losses or circumstances from coverage.
Exclusive Economic Zone, or EEZ	A marine zone generally extending up to 200 nautical miles from a coastal state’s baseline. Within its EEZ, the coastal state has specified rights concerning natural resources and certain economic activities. An EEZ is not the same as territorial waters.
Exposure	The possibility that an insured person, asset, activity or portfolio may suffer loss.
Expropriation	The taking of private property by a state or public authority, generally for a public, political or strategic purpose.

Facultative reinsurance, or FAC	Reinsurance individually negotiated for a particular risk or policy. Examples may include a refinery, airport, semiconductor plant, major construction project or individual large corporate risk.
Flag state	The country in which a ship is registered and whose flag it is entitled to fly.
Flag-state jurisdiction	The legal authority and responsibility exercised by the state in which a vessel is registered. On the high seas, enforcement against a vessel may depend heavily on the willingness and capacity of its flag state to act.
Follow the fortunes	A reinsurance principle under which a reinsurer generally follows the cedant’s good-faith and reasonable claims decisions, subject to the wording, cedant's behaviour and applicable law.
Fronting	An arrangement under which an authorized insurer issues a policy but transfers most or all of the underlying risk to another insurer, reinsurer or captive.
Generalist market	An informal term used to describe ordinary property, marine, aviation, cyber or casualty markets that are not specifically established to cover war risks. It is not a formal legal category.
Gross loss	The total loss before the application of reinsurance recoveries.
Ground-up loss	The total loss before deductibles, policy limits, insurance and reinsurance are applied.
Grey zone	The area between ordinary peaceful competition and open armed conflict. Grey-zone activity may include cyber operations, disinformation, economic coercion, sabotage and interference with critical infrastructure.
Hard market	An insurance market characterized by increasing premiums, reduced capacity and more restrictive underwriting terms.
Hazard	A condition that increases either the probability or potential severity of a loss. A physical hazard may be the storage of flammable materials. A moral hazard arises when behaviour changes because insurance protection exists.
High seas	Marine areas beyond national territorial seas and outside the sovereignty of any single state. The terms high seas and international waters are sometimes used interchangeably, although their precise legal meaning depends on context.
Hostile act	An act directed against a state, organization, force or asset in connection with hostility or conflict. The phrase is frequently used in marine and aviation war exclusions.
Hull all-risks insurance	Insurance covering physical loss of or damage to a ship or aircraft, subject to the policy’s conditions and exclusions. War perils are commonly excluded and may be insured separately.
Hull War Risks	Specialist marine or aviation insurance covering specified war and allied perils excluded from the standard hull policy.
Hybrid attack	An individual action using military or non-military methods as part of a wider hybrid strategy. Examples may include cyber disruption, disinformation, GPS interference, sabotage or covert physical damage.
Hybrid conflict	A confrontation combining military, political, cyber, economic, informational and physical-infrastructure measures. Such activities are often calibrated to remain below the threshold that would produce a conventional military or legal response.
Hybrid warfare	The deliberate and coordinated use of conventional and unconventional instruments to create a strategic effect without necessarily entering declared or open war. There is no single universally applicable insurance-law definition. Courts generally interpret the words of the policy rather than relying solely on a geopolitical label.
Hyperscaler	A very large technology company operating extensive cloud-computing and data-centre infrastructure. Hyperscalers depend heavily on high-capacity communications networks, including subsea cables.
IBNR	Incurred But Not Reported. A reserve for claims that have already occurred but have not yet been reported to the insurer or reinsurer.
Indemnity	The principle that insurance should place the insured in approximately the same financial position as before the loss, subject to the policy terms. Insurance should not normally allow the insured to profit from a loss.
Information warfare	The use or manipulation of information to influence public opinion, behaviour, confidence or decision-making. This may include propaganda, disinformation, fabricated narratives or the amplification of genuine events.
Incurred loss	The total of claims already paid and the reserves established for outstanding claims.
Insured peril	An event or cause of loss falling within the policy’s grant of cover.
Institute Time Clauses Hulls	Standard marine hull clauses traditionally used to insure physical loss of or damage to a vessel, subject to specified exclusions such as war risks.
Institute War and Strikes Clauses	Marine clauses providing separate cover for specified war, strike, terrorism, malicious and politically motivated perils, subject to their terms.
International Cable Protection Committee, or ICPC	An international industry organization concerned with the protection, operation and resilience of submarine cables.
International waters	A general expression for waters outside national territorial seas. The applicable legal regime depends on the precise maritime zone and the relevant rules of international law.
Joint and several liability	A legal principle under which one defendant may be held responsible for the entire amount of damage, even if other parties also contributed to the loss. The defendant may then seek contributions from other responsible parties.
Jurisdiction	The legal authority of a court, tribunal or state to hear a dispute or take enforcement action. Jurisdiction may depend on the policy, location of the incident, identity of the defendants, location of assets and applicable international conventions.

Key case	A large, complex, sensitive or strategically important claim requiring heightened technical or senior-management oversight.
Layer	A defined portion of insurance or reinsurance coverage that responds between an attachment point and a limit.
Liability	A legal obligation to compensate another person or entity for injury, damage or loss.
Line of business	A category of insurance, such as property, marine, aviation, casualty or cyber. A single hybrid incident may affect several lines of business simultaneously.
Litigation	The formal resolution of a legal dispute through court proceedings.
LMA5564	A model war, cyber-war and cyber-operation exclusion designed for use in commercial cyber insurance. It addresses war, cyber operations, state attribution, pending attribution and the burden of proving that the exclusion applies.
Loss adjuster	An independent specialist who investigates the circumstances, cause and value of an insurance claim.
Loss ratio	A measure comparing claims costs with premium. It is commonly calculated as: Claims ÷ premium
LSW 555D	An aviation hull war and allied-perils wording used to write back certain perils excluded from standard aviation hull insurance.
Malicious act	An intentional act intended to cause damage or harm. A malicious act may be covered, excluded or written back depending on the policy.
Malware	Malicious software designed to damage, disrupt, monitor or gain unauthorized access to computer systems.
Managing General Agent, or MGA	An organization authorized to conduct specified underwriting, pricing, policy administration or claims functions on behalf of an insurer.
Maritime lien	A maritime claim that attaches to a vessel and may, depending on the jurisdiction and type of claim, support proceedings against the ship.
Market loss	The estimated total loss suffered by the insurance industry from a particular event.
Maximum Possible Loss, or MPL	An estimate of the greatest loss that could reasonably arise from a risk under severe circumstances. The terminology and calculation method may vary between insurers.
Moral hazard	The risk that a person’s behaviour may change because insurance protection is available.
Natural catastrophe, or Nat Cat	A major natural event such as a hurricane, earthquake, flood, windstorm or wildfire.
Net loss	The loss remaining with an insurer after applicable reinsurance recoveries.
Non-proportional reinsurance	Reinsurance under which the reinsurer responds once losses exceed an agreed threshold, rather than taking a fixed percentage of every risk.
NotPetya	Destructive malware that spread internationally in 2017 and caused extensive disruption.
Occurrence	An event or series of related events giving rise to one or more losses. Determining whether losses constitute one or several occurrences can have significant implications for deductibles, limits and reinsurance.
Overlap of cover	A situation in which more than one policy or market may potentially respond to the same loss.

Parametric insurance	Insurance that pays when an agreed measurable parameter is reached, rather than compensating the policyholder solely by reference to the actual physical damage suffered. Examples may include a specified earthquake magnitude, wind speed or rainfall level.
Passive war	Limited casualty, personal-accident or travel coverage for a person unintentionally caught in a war situation and not actively participating in hostilities. The scope and duration vary according to the policy.
Peril	The event or cause capable of producing an insured loss, such as fire, flood, sabotage or war.
Physical damage	Tangible alteration, destruction or impairment of property. Whether loss of functionality, software or data constitutes physical damage depends on the wording and applicable law.
Plausible deniability	A situation in which an actor can credibly deny responsibility because the available evidence does not clearly establish its involvement.
Policy limit	The maximum amount payable by the insurer under the policy or a particular section of it.
Policy wording	The contractual language defining what is insured, excluded and required of the parties. Small differences in wording can produce materially different coverage outcomes.
Political violence and terrorism market, or PVT	A specialist insurance market providing protection for agreed political-violence perils. Depending on the policy, these may include terrorism, sabotage, strikes, riots, civil commotion, insurrection, rebellion, revolution, coup d’état, war and civil war.
Pool	An arrangement under which several insurers, reinsurers or public entities share specified risks. Pools are often used for risks that may be difficult for individual insurers to absorb alone.
Primary insurer	The insurance company that directly insures the policyholder.
Probable Maximum Loss, or PML	An estimate of the maximum loss expected from a severe but plausible event. Definitions and methodologies differ across markets and organizations.
Property insurance	Insurance covering physical loss of or damage to buildings, machinery, equipment and other tangible property. It may also include related business-interruption cover.
Proportional reinsurance	Reinsurance under which the reinsurer receives an agreed proportion of the premium and pays the same proportion of covered claims.
Proximate cause	The legally effective or dominant cause of a loss under the applicable insurance-law test. It is not necessarily the event closest in time to the damage.
Proxy actor	A person, organization, company or network acting on behalf of, with the support of, or in the interests of another actor, often a state.
P&I Club	A Protection and Indemnity Club. It is a mutual marine insurer providing shipowners with liability protection, potentially including collision liability, pollution, cargo liability and crew injury.
Quota share	A proportional reinsurance arrangement under which an agreed percentage of each risk, premium and covered claim is transferred to the reinsurer.
Ransomware	Malware that encrypts data or prevents access to computer systems and usually demands payment for restoration.
Rate on line, or ROL	The reinsurance premium divided by the reinsurance limit purchased. It is frequently expressed as a percentage.
Recoverable	An amount expected to be recovered from a reinsurer under a reinsurance contract.
Recovery	Money recovered from a responsible third party, its insurer, a guarantor or another legally liable source after a claim has been paid.
Redundancy	The availability of alternative systems, routes or assets if the primary system fails. For subsea infrastructure, redundancy may involve separate cable routes, landing stations and terrestrial connections.
Registered owner	The person or company formally recorded as the owner of a vessel in the relevant registry. The registered owner may differ from the beneficial owner.
Reinsurance	Insurance purchased by an insurer to transfer part of its exposure to another insurance company, known as a reinsurer.
Reinstatement	The restoration of an insurance or reinsurance limit after it has been partly or fully exhausted. An additional reinstatement premium may be payable.
Repair capacity	The availability of specialist vessels, crews, equipment, spare cable and appropriate weather conditions needed to restore damaged infrastructure.
Reserve	An estimate of the amount required to meet future claim payments and related expenses.
Residual risk	The risk remaining after exclusions, risk controls, mitigation measures, insurance or reinsurance have been applied. In the webinar context, this includes the possibility that a hybrid-conflict loss ultimately falls into a generalist insurance market.
Resilience	The ability of a system, organization or infrastructure network to withstand, adapt to and recover from disruption.
Retrocession	Reinsurance purchased by a reinsurer. It is sometimes described as “reinsurance of reinsurance.”
Riot	A violent disturbance involving a group of people. The policy definition and applicable law determine whether a particular event qualifies.
Runoff	The management of existing insurance liabilities after the insurer has stopped writing new business in the relevant portfolio.

Sabotage	Deliberate damage to property, systems or infrastructure, often for political, military or strategic purposes. The applicable policy definition determines whether an event qualifies as sabotage.
Salvage	The remaining value of damaged property or the amount recovered through its sale after an insured loss.
Serial loss	A series of losses arising from the same or a similar defect, cause, product design or manufacturing process. Examples include defective batteries, airbags, semiconductor components or construction products.
Silent cyber	Cyber exposure within a policy that neither expressly grants nor expressly excludes cyber cover. Traditional property and casualty policies may contain silent cyber exposure if their wording was not designed for modern cyber events.
Sistership	A vessel that shares legally relevant common ownership with another vessel. In some jurisdictions and under specified conditions, a sistership may be arrested to secure a maritime claim involving a different vessel.
Solvency II	The European prudential framework governing capital, risk management and reporting requirements for insurers and reinsurers.
Specialty war market	A specialist insurance market expressly covering agreed war and associated perils that are excluded from standard policies. Such coverage remains subject to its own exclusions, restrictions, limits and cancellation provisions.
SRCC	Strikes, Riots and Civil Commotion. These perils may be included in ordinary cover, excluded or insured through specialist political-violence policies.
Standard cover	The ordinary underlying insurance policy before specialist war cover or another extension is added.
Standard of proof	The degree of certainty required to establish a fact. It is different from the burden of proof, which identifies the party responsible for proving the fact.
State attribution	The process of linking an operation to a government or to actors operating on its behalf. Legal attribution under an insurance policy may not be identical to political, intelligence or technical attribution.
State-backed pool	A government-supported insurance mechanism established to provide capacity for risks that may be too large, systemic or uncertain for the private market alone.
State-sponsored attack	An attack conducted, directed, supported or authorized by a government. The label does not automatically determine insurance coverage. State involvement, causation, the nature of the act and the policy wording must still be considered.
Strikes	Organized work stoppages by employees. Property damage or business interruption associated with strikes may be covered, limited or excluded depending on the policy.
Subrogation	The insurer’s right, after paying a covered claim, to pursue recovery from the party responsible for the loss. The insurer generally exercises rights derived from the insured and remains subject to applicable legal and contractual limitations.
Subsea cable	A cable laid on or beneath the seabed to carry telecommunications data or electrical power.
Sub-state actor	An individual, organization or group operating below the level of a sovereign state. Examples include militias, proxy groups, criminal networks and politically motivated organizations.
Systemic risk	Risk capable of affecting a significant part of an interconnected market, economy or infrastructure system rather than only one insured.
Territorial waters	The marine area extending up to 12 nautical miles from a coastal state’s baseline. The coastal state exercises sovereignty within this area, subject to navigational rights such as innocent passage.
Terrorism	The use or threat of violence for political, ideological or religious purposes, usually intended to influence a government or intimidate the public. The applicable insurance-policy definition is decisive.
Third-party claim	A claim brought against the insured by another person or entity.
Tortfeasor	A legal term for a person or entity alleged to have committed a civil wrong causing injury or damage. For new joiners and non-legal audiences, responsible party or alleged wrongdoer is usually clearer.
Total Insured Value, or TIV	The total declared value of the assets covered by an insurance policy.
Treaty reinsurance	An agreement under which specified categories or portfolios of risk are automatically reinsured according to predetermined terms.
UNCLOS	The United Nations Convention on the Law of the Sea. It is the principal international framework governing maritime zones, navigation rights and responsibilities at sea.
Underwriter	The professional responsible for assessing risks, setting terms, determining price and deciding whether insurance should be offered.
Unearned Premium Reserve, or UPR	The portion of premium relating to the remaining, unexpired period of insurance coverage.
Variable reserve	A claim estimate likely to change as new factual, technical, legal or financial information becomes available.
War	Broadly, armed conflict involving states or organized groups. Insurance policies commonly contain specific wording such as “war, invasion, hostilities or warlike operations, whether war is declared or not.” The contractual wording is more important than the everyday label.
Warlike operation	An operation conducted in preparation for, in support of, or as part of war or armed hostilities. Whether an act qualifies depends on the policy wording, facts and applicable law.
War exclusion	A policy provision removing losses caused by war, hostilities, warlike operations or specified associated perils from standard coverage.
War-risk insurance	Specialist insurance covering defined war and related perils. The scope differs considerably between marine, aviation, political violence, cyber and other insurance markets.
Warranty	A policy term requiring specified conduct, circumstances or information to remain accurate or be complied with. The legal consequences of breach depend on the wording and applicable law.
Write-back	A provision restoring coverage for a peril that has first been excluded from the standard policy. A simple example is: The standard hull policy excludes war. A specialist war policy writes back specified war perils. The specialist cover remains subject to its own exclusions, conditions and limits.
XOL	An abbreviation for Excess of Loss reinsurance.

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