Gary Barlow contributes to BIBA Terrorism Guide11th June 2019
BIBA recently collaborated with a number of government departments and industry experts – including our very own Gary Barlow – to launch a new comprehensive guide on terrorism insurance. This guide has been specifically tailored to support brokers’ understanding of the risk, with the goal being to increase the take-up of this particular insurance class.
Due to the ever-changing nature of modern terrorism and the growing threat of ‘lone wolf’ and cyber-attacks, businesses can no longer expect to avoid the effects of a terror attack just because they are not located in a high-profile building or city. Despite this, we are still seeing that a startlingly low number of SMEs (less than 3%) have any form of terrorism cover. This new guide will play an integral role in helping brokers educate companies about the benefits terrorism insurance offers and, in turn, increase the resilience of businesses across the UK.
Our Terrorism Underwriting Manager, Gary Barlow, who has built a strong understanding of modern terror risks over the course of his career, was consulted during the report building process. An excerpt of Gary’s contribution can be found below:
Modern terrorist attacks (such as lone-wolf perpetrators) may not result in catastrophic property losses but they can still result in significant financial consequences for local businesses. Many such financial losses remain uninsured in the market.
The provision of cover for non-damage terrorist acts is essential for certain businesses in the current climate, especially those that are reliant on public footfall and custom, such as high street retail, hospitality and entertainment industries.
See the guide and read Gary’s full contribution on page 17 here.
Gary, discussed how NMU had addressed the non-damage threat to the extent of denial-of-access, back in November 2018 at Broker Expo.
For more information about Terrorism Insurance, contact your local NMU Development Underwriter.