[LatteLazy]

I really enjoyed this despite insurance usually being billed as dull. A few points I don't see anyone else making:

* Act of war is poorly defined (and gets more poorly defined by the year). Since insurers use this term and (I assume) wrote the contracts, any reasonable question over its definition should be interpreted in the insured favour. That's how most contract law works since otherwise the contract writer has a perverse incentive to make their contract language unclear and then argue definitions and technicalities. That's not just dishonest, it creates unnecessary uncertainty and excess court cases and those cost everyone.

* I was sort of amazed by mention of the presidents pronouncements as if they mattered. Do they matter legally? They shouldn't: presidents are in no way a reliable source of information on geopolitical matters. Quite the opposite, they have the most motive to lie and its literally often illegal to expose that (if an NSA employee leaked classified proof it was NOT the Russians, they'd be imprisoned under the espionage act). Leaving aside the current presidents reliability, Obama pronounced on the Sony hack, blaming North Korea. Almost 5 years later and no evidence has been produced and plenty of people doubt that. Its also worth noting that no president should be empowered to effectively decide billion (trillion?) dollar lawsuits without oversight or scrutiny, they're not kings after all.

* Finally I thought how adult and reasonable Lloyds' response was. Both in settling the claim (assuming they did so for a reasonable fraction of what was owed) and requiring explicit cyber policies going forwards. That's the act of a group that is reasonable and wishes to take a long term, useful, role in the economy. Any bozo can sell "insurance" policies and then quibble over ever claim, the result is people stop buying. But honouring your commitments and correcting yourself going forwards is exactly what we need in insurers. I wonder what can be done to get US Corporate structures to follow a similar model?