NORD STREAM AG V LLOYD'S INSURANCE COMPANY SA

[2026] EWHC 1685 (Comm), King's Bench Division, Commercial Court, Dame Clare Moulder, 6 July 2026

Insurance (property) – War risks exclusion – Whether exclusion overridden by incorporated terms – Whether exclusion extended to political risks – Damage to pipelines from explosion – Meaning of "by or under the order of any government"

Two natural gas pipelines owned and operated by NS, Line 1 and Line 2 running from Russia to Germany, were ruptured by explosions on 26 September 2022. Line 2 was also dented. NS was insured by three policies with common wording.