Think Differently About Terrorism Insurance
More and more businesses are discovering the benefits of placing terrorism insurance outside of traditional placement routes for property damage and business interruption. 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 material damage and business interruption 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 material damage and business interruption policy, whereas the cover given by the stand-alone wording is a better fit and can also include risks not catered for elsewhere such as individuals acting alone and sabotage.
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 for property and business interruption
- Features that reduce the risk, such as security arrangements
- Features that increase the risk, such as proximity to target businesses or landmarks
- Claims experience
Terrorism Insurance Cover on NMU Products
Terrorism insurance cover is also available to complement the static cover under our stock throughput, motorsport, contractors’ all risks, erection all risks and computer policies.