Unique modelling capability allows portfolio value accumulation, target proximity & scenario running to determine probable maximum loss
Cover includes non-damage business interruption & threat scenarios
Recognises and rewards effective terrorism risk management
Arthur J. Gallagher has responded to the fast-evolving needs of businesses faced with the difficult challenge of protecting their people and assets as the global terrorism risk landscape continues to shift.
The new solution, designed for businesses with premium spend in excess of £1,000, can cater for both UK and US-domiciled clients and combines risk management with broking placement.
Gallagher’s unique Farseer modelling tool enables key locations to be geocoded, visually mapped and values aggregated, before analytics pinpoint proximity to potential terrorist targets and realistic disaster scenarios (RDSs) are run to determine probable maximum loss (PML) and specific vulnerabilities. This capability allows Gallagher to best advise clients on selecting the most appropriate limits and types of coverage, to meet a broad range of terrorist threat scenarios, for their individual risk profile.
Backed by a panel of Lloyd’s syndicates and company market underwriters, the new terrorism solution has been specifically designed to offer large or complex clients a bespoke risk-based underwriting solution that recognises the value and in-built resilience of existing crisis management and business continuity plans. In addition to significant limits for traditional physical damage, business interruption and terrorism liability it also offers sub-limited coverage for denial of access (including non-damage); threat (including non-damage); loss of attraction; and chemical, biological, radiological and nuclear (CBRN) attacks.
Paul Bassett, Managing Director of Crisis Management at Arthur J. Gallagher, said: “Businesses and individuals are becoming more likely to be exposed to multiple, complex terrorist attacks, such as those seen recently in mainland Europe in both Paris and Brussels. The changing nature of threats presents different challenges to businesses and demands an equally dynamic response from those specialising in risk management and insurance.
“Crucially, we don’t believe a one-size-fits-all is appropriate and the underwriters we work with both understand the benefits of effective terrorism risk management and are prepared to recognise this through adjusted premiums as appropriate.”
Justin Priestley, Director of Crisis Management, added: “It could be argued that no insurance policy ever prevented loss of life, whereas effective crisis risk management most certainly has. That’s why we champion a four-step approach to assessing, mitigating and transferring our clients’ terrorism risks: anticipate, prevent, respond and recover.”
As Managing Director, Paul Bassett leads a newly integrated crisis management capability within Arthur J. Gallagher, which has brought together specialist expertise in crisis resilience, terrorism, political violence and kidnap & ransom to create a multi-disciplinary practice able to offer both global and UK-focused solutions.
The London-based practice will develop integrated solutions incorporating both risk management and broking services, tailored to meet the needs of different types and sizes of organisations – from complex and large multi-national clients to UK SMEs.