Time to Revisit Terrorism Insurance?
The current threat level from international terrorism in the UK is assessed as “SEVERE” at www.mi5.gov.uk
Written by Paul Brown on 10th November 2015
The current threat level from international terrorism in the UK is assessed as "SEVERE” at www.mi5.gov.uk
MI5 defines "SEVERE” as an attack is highly likely and the threat of Terrorism in the UK is now at its highest for a decade.
Terrorism coverage is excluded from standard commercial insurance policies and separate coverage is required. Traditionally this has been provided via Pool Re, a mutual reinsurer whose Members comprise the vast majority of insurers and Lloyd’s Syndicates which offer commercial property insurance in the UK.
However, stand-alone policies are now available providing a flexible, cost effective alternative to the transitional placement route for clients who:
- Have multi-locations exposures, and so can benefit from a combined Material Damage and Business Interruption floating first-loss sum insured, allowing them to tailor their cover to their perception of the risk;
- Have overseas exposures, beyond England, Scotland and Wales;
- Would like to be able to choose which locations to insure and which locations to not insure, according to their perception of the risk.