In response to the growing and rapidly evolving terror threat, insurance broker Lockton in conjunction with London Market insurers Hiscox, Beazley, Talbot and XL Catlin, have launched a new product – Terrorism Crisis Solutions (TCS). Designed to offer corporate clients a combined terrorism cover that encompasses a wide range of threats, the new policy brings together underwriting talent from the London Market’s leading terrorism insurers, with the convenience and accessibility of one modular product.
Offering clients unique flexibility, TCS allows them to choose from a range of covers, including: sabotage and terrorism for both property damage and liability; financial protection when a client is impacted by an insured event; threat of a malicious act, nuclear, chemical, biological, and radiological malicious acts; active assailant, active shooter, workplace violence and stalking threat as well as riots, strikes and civil commotion.
Adam Watson, a Lockton partner and Head of North American Property & Terrorism, said: “Businesses are facing not only a growing terrorist threat but one that is rapidly changing in nature. We have seen recent attacks across Belgium and France as well as in the US, which have brought home how terrorists are adapting their methods to inflict maximum casualties, fear and disruption.
“Recognising the uncertainties and vulnerabilities that this brings to businesses around the world, we have brought together a panel of the London Market’s foremost terrorism insurers to develop a new comprehensive modular terrorism product. Terrorism Crisis Solutions enables clients to build a terrorism policy that can be customised to meet their precise needs.”
Richard Halstead, War, Terrorism, and Political Violence Line Underwriter from Hiscox, added: “Terrorism can impact businesses in a multitude of ways and we’re pleased to be part of an insurer panel that not only delivers a comprehensive insurance solution to the terrorism threats that many businesses face, but also continues to reaffirm London as a leading destination for businesses looking to protect themselves against this volatile and evolving risk.”