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The face of terrorism is changing, and insurance protection is evolving too, with the development of wider political violence policies. Weald’s aim is to give you a clear understanding of the exposures you face, the potential gaps in conventional terrorism cover, and how our proposals can solve those problems for you.
Recently we have seen an unprecedented increase in terrorist activity across the UK and Western Europe, and this has brought the coverage options available in the market under increased scrutiny.
The standard terrorism cover provided by most UK commercial insurers within their packages is based on the UK government-backed Pool Re terrorism facility, set up to protect businesses and properties after a sustained campaign of violence from the IRA. For many clients this has now become outdated, due to the lack of flexibility on covers as well as the evolving face of terrorism, and the switch of focus from large scale bombings to less sophisticated attacks.
A few specialist underwriters now offer modern wordings which focus on the business interruption consequences of terrorist acts as well as the property damage. This enables you arrange effective cover not just for any physical rebuild costs, but also for loss of income, alternative accommodation costs, loss of attraction, reputational costs, liability claims and more following a terrorist act.
We look at a wider market to offer alternatives, designed to protect you from the effects of the new style of attacks – and with insurers we are constantly looking at innovating our products to offer our clients peace of mind: we are ready to react in the event that the worst happens.