Towergate Underwriting

Towergate House Eclipse Park Sittingbourne Road Maidstone, Kent ME14 3EN
  • About Towergate

    Towergate Underwriting, part of Towergate Partnership, is one of the UK's leading providers of specialist insurance products.  We use our underwriting expertise to provide a wide range of insurance policies, including cover for niche markets that are often difficult to obtain elsewhere.  However weird and wonderful we’ll do our best to help you find a product to suit your clients’ needs.

Gaps in Pool Re Terrorism cover: what you need to know and how to offer a solution


Artcile written by Marcus Meredith (pictured above), Geo Specialty, Political Violence Expert and Senior Underwriter:

"This week, The times posted an article highlighting the gaps in the current government backed Pool Re Terrorism coverage.

Our Political Violence expert and Senior Underwriter, Marcus Meredith, provides a bit of background on the Pool Re offering and where we can help to fill those gaps.

The government backed Pool Re was originally created in answer to the IRA bombings in the UK in the 70s and 80s, culminating in the Bishopsgate bombing in 1993. The cover is there to act as a backstop to protect the commercial property market from physical damage and property loss in the event of a terrorist attack.

Over the course of the last few years, there has been a sea of change from the mass damage attacks of Al Qaeda (September 11th 2001 New York, 7th July 2005 attacks London) to the home grown, unsophisticated attacks seen recently across Western Europe.

In the UK we have seen a growth in self-radicalisation, and returning Jihadists from Iraq and Syria which has led to the attacks in Manchester and Parsons Green, these IED (improvised explosive device) bombs are made for mass casualties and bodily injury rather than to cause huge physical damage and this change in approach has meant that we, as insurers, need to adapt our coverage.

There have been some significant gaps highlighted by these attacks, in particular with regards to the business interruption after a terrorist attack.

The article in The Times focuses on those businesses affected by the bombing at London Borough Market in June this year where they closed the market for 11 days. These businesses would not be covered through the Pool Re offering as no physical damage occurred to their properties during the attack and as such, no business interruption cover is subsequently offered.

The new Geo Specialty Terrorism product offers, as standard, denial of access wording which would indemnify the insured against the business interruption caused by a terrorist event up to 500 metres from the site of the event.

Our wordings are designed to protect businesses from the new style of attacks we’ve seen over the last few months and we are constantly looking at innovating our products to offer our clients peace of mind:  we are ready to react in the event that the worst happens.

We offer protections to these gaps through a bespoke, stand-alone approach and offer extensive wordings to include:

  • Denial of access
  • Looting post loss
  • specified or non-specified suppliers
  • alternative accommodation for up to 25% of the total insured value, and
  • 135% day one uplift clause"

 To speak to Marcus Meredith about this article Click Here and complete the brief form - We will put you in touch