Home Glossary European Union/European Economic Area – definition of a risk : Insurance Glossary

European Union/European Economic Area – definition of a risk : Insurance Glossary

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A risk is deemed to be located in an European Union or European Economic Area member state if it is:

(a) a building (and its contents issued under the same policy) situated in that state;

(b) a motor vehicle, ship, yacht or aircraft registered in that state;

(c) a travel policy for four months or less taken out in that state.

For any other type of insurance (including a life insurance) it is an individual if the policyholder is habitually resident in the member state or a business or an organisation if the establishment to which the contract relates is situated in that state.

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