Property Owners

It’s not only commercial businesses that can suffer the effects of a non-damage terrorism loss – commercial and residential property owners can also be affected too.

We have designed a bespoke terrorism solution, covering property damage and subsequent loss of rental income and/or the costs of providing alternative accommodation. Our offering also extends to include:

• Failure of utilities
• Denial of access including malicious terrorist attack;
  which can prove invaluable for loss of rental income and perhaps more importantly the costs of providing alternative accommodation to tenants/occupants in the event that the building is deemed inaccessible after a terrorist attack has occurred.

The advantages of standalone terrorism insurance

Standalone cover could also give you a real competitive advantage by providing a flexible alternative that covers a broader range of motives: political, religious or ideological, and doesn’t rely on a formal declaration of an act of terrorism.

It is also a cost-effective solution 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 standalone wording is a better fit and can also include risks not catered for elsewhere such as individuals acting alone and sabotage.

For more information, contact your local NMU Development Underwriter.