Are you Protect Duty prepared?

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Authored by Pool Re

In the recent Queen’s speech, the Government announced they would be introducing a draft terrorism bill called Protect Duty. The implications of the legislation could be far reaching, possibly affecting tens of thousands (if not more) businesses throughout the UK.

Pool Re Solutions have compiled a short blog to explain what we know about the upcoming legislation, what businesses may need to be prepared for, and what businesses can already do to put themselves in the best position when the legislation comes into play.

To read the full blog, CLICK HERE

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About Pool Re

Pool Re’s purpose is to enable the UK insurance market to offer terrorism cover to any commercial property that requires it. Central to this is the integration of Pool Re’s cover with the underlying property policy which ensures that there is no gap in the cover provided.

Pool Re was designed to insulate the taxpayer from potential financial losses arising from acts of terrorism. It has achieved this effectively, to date paying £635m in respect of 13 claims arising from certified terrorism events in the UK since our establishment. It has never called on the Government’s guarantee.

By providing foundational stability at a reinsurance level, Pool Re has created an environment for the commercial market to re-establish itself, following the market failure in 1992. This stability creates and sustains access, liquidity and confidence to generate the conditions for the private market to gradually write a growing portion of terrorism risk.

Helping UK businesses build resilience against terrorism risk is a priority for Pool Re who have developed SOLUTIONS an in-house centre of excellence created to support Members and policyholders better understand risk awareness, modelling, and management. They have also invested in a range of initiatives with Government security and intelligence agencies to provide tools such as an information sharing platform.

 

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