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Force Majure in insurance
April 7 , 2020
2037 days
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- The Life Insurance council announced that the “Force Majeure” clause will not apply to COVID-19 deaths.
- All life insurers, both public and private, are committed to process any death claim pertaining to COVID-19.
- A force majeure in a contract can now be used to argue that the contract cannot be completed in time due to the spread of COVID-19.
- Force Majeure is described as an event or effect that can be neither anticipated nor controlled.
- Force Majeure clause was introduced for unforeseen circumstances.
- It is embodied under Indian Contract Act, 1972.
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