Terrorism isn’t a risk that can be transferred but some of the commercial consequences can. The effects of these attacks can cause property damage, loss of income, bodily injury and death, loss of attraction, loss of reputation, loss of key personnel… the list goes on.
Terrorism is often excluded from many types of insurance, so a specific terrorism policy can fill the gap in your portfolio and keep you fully protected. Use an experienced broker to get you the right cover that’s ready to stand strong when you need it most.
What does terrorism insurance cover?
We have access to a range of insurers who provide reputable cover for terror-related events. Policies include different clauses, but all broadly fit into these three categories:
1. Terrorism insurance
Covers against loss or damage to insured property and the ensuing loss of income caused by acts of terrorism and sabotage.
2. Political violence insurance
As above, this policy provides cover against loss or damage to insured property and the ensuing loss of income caused by acts of terrorism and sabotage, with certain extensions.
This type of policy extends cover to:
- Riots, strikes and/or civil commotion
- Malicious damage
- Insurrection, revolution or rebellion
- Mutiny and/or coup d’etat
- War and/or civil war
3. Active assailant insurance
With the change in terrorist tactics, many attacks do not manifest in property damage. For instance, the attacks in Nice and London resulted in severe bodily injury and minor property damage.
These types of policy cover loss of income (including property damage) following an active assailant event where the attack is premeditated, a weapon is used (including a vehicle) and three or more persons are injured. Cover can be designed to include the following:
• PR consultancy expenses
• Relocation expenses
• Counselling and psychiatric care
• Medical expenses
• Job retention costs / recruitment costs
• Additional security measures
Other insurances related to terrorism cover:
Loss of attraction
A type of business interruption cover where the insured is affected by a terrorist event on a defined region.
Kidnap & ransom
Provides an expert crisis response team to spring into action in kidnap and ransom situations.
Crisis response insurance
Provides an expert response to situations such as natural disasters and political upheaval.
Cover big risks many other policies miss
Terrorism is an exclusion under many wordings, give us a call to check