Liberty Specialty Markets launches new German Terrorism cover
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has launched new terrorism insurance coverage in the German market effective immediately.
Since LSM entered the market in 2018, business written used the standard London Market cover. The new terrorism coverage has been developed specifically for the SME sector in Germany.
The new coverage is comparable to Allgemeine Terror Bedingungen (ATB), the standard terrorism cover in the German market. In addition, LSM offers a range of optional covers; Non-Damage Business Interruption and a Strikes, Riots and Civil Commotion Clause (SRCC). This offers cover for physical loss or damage directly caused by strikers, locked-out workers, participation in labour disruption, and various types of riots.
Corinna Walter, Liberty Specialty Markets, terrorism underwriter, said: “We have been successful in building a portfolio of middle market Terrorism insurance business in Germany. We saw the value in having a contract easily comparable to those of our peers as well as the state guarantee. Contract certainty for our clients is a priority for LSM, this has been a key initiative for us to introduce.
“As witnessed recently in Austria, the ‘lone wolf’ style nature of attacks are becoming less sophisticated. As a result of the changing risk landscape, we have reviewed our offer to provide our clients with additional protection. Our new definition of terrorism is broader, as events do not need to be certified as terrorism by the German state in order to make a valid claim.”
LSM entered the German war and terrorism market in 2018 as part of its strategy to extend its reach in Europe. Its German book of war and terrorism business is split between multi-nationals with worldwide exposure and domestic SME business.
Authored by Liberty Specialty Markets
Liberty Specialty Markets offers specialty and commercial insurance and reinsurance products across key UK, European, Middle East, US and other international locations. We provide brokers and insureds with a broad range of products through both the Company and Lloyd’s markets and have over 1,700 staff in approximately 65 offices. Liberty Specialty Markets was established in September 2013 bringing together Liberty’s company, syndicate and reinsurance operations into one combined operation, composed of three business units: Commercial, Specialty, and Reinsurance (Liberty Mutual Re). This integrated approach means brokers and clients can benefit from our global reach and operating efficiencies.
Liberty Specialty Markets is part of global insurer, Liberty Mutual Insurance Group, a diversified global insurer, formed in 1912 and headquartered in Boston, Massachusetts. Liberty Mutual is the 5th largest global insurer based on 2017 gross written premium, with over 50,000 employees in 30 countries and economies around the world. Our purpose is to help people embrace today and confidently pursue tomorrow. The promise we make to our customers throughout the world is to provide protection for the unexpected, delivered with care. We achieve this by offering a full range of personal, commercial, and specialty Property & Casualty insurance coverages. Our customers’ trust has earned us the 68th spot on the Fortune 100 list of largest corporations in the U.S., based on 2017 revenue.
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