Think differently about terrorism insurance
More and more businesses are discovering the benefits of placing terrorism PD/BI cover, outside of traditional placement routes for terrorism insurance. For many types of property risk, considering an alternative market can pay real dividends for brokers, creating a competitive advantage, whether in securing new business or ensuring that existing clients are retained.
Stand-alone cover could give you a real competitive advantage by providing a flexible, cost-effective alternative to the traditional placement route for clients who:
- have multi-location exposures, and so can benefit from a combined MD/BI floating first-loss sum insured, better reflecting their perception of the risk;
- have overseas exposures, beyond the confines of 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.
In many cases the cover offered by traditional placement routes is narrower than the terrorism exclusion in the underlying MD/BI policy, whereas the cover given by the stand-alone wording is a better fit.
Quotations can be turned round with the simplest of information – usually just:
- Proposer’s name and business
- Subject matter insured (e.g. stock, computers, buildings)
- Full risk address(es) including post code
- Sum(s) insured
- Features that reduce the risk, such as security arrangements
- Features that increase the risk, such as proximity to target businesses or landmarks
- Claims experience
Other Terrorism Insurance Cover
Terrorism insurance cover is also available to complement the static cover under our stock throughput, CAR/EAR and computer policies.