UK Terrorism Insurance: A discussion with Geo Specialty
Based on brokers’ feedback, Geo Specialty have recently updated their Terrorism wording and now, both brokers and their clients can benefit from these upgraded limits.
- Unoccupied properties are now covered. Based on brokers’ feedback in the UK retail market, we decided to simplify our wording and make it easier for assureds, especially tenanted residential properties and part-time vacant Commercial property.
- Non-Damage Denial of Access Sublimit increased from 10% and £500,000 to 15% and £2,500,000 as standard, with no BI waiting period.
- Suppliers extensions increased from £500,000 to £2,500,000 and unspecified from £100,000 to £250,000 with no BI waiting period.
- Alternative Accommodation increased from 25% to 35% of BDV as standard with no BI waiting period.
When asked ‘Why should brokers choose Geo Specialty’s terrorism cover over others’?’ Marcus Meredith, who’s leading the Terrorism division at Geo, comments: ''We have ability and the knowledge to adapt quickly to customer’s needs, and to give brokers fast access to a competitive offering.''
Geo Specialty Terrorism Product Features:
- Limits Available up to £188,000,000 per occurrence and per location in the UK
- Online quote and bind portal available on IQUO and Acturis
- $250,000,000 per occurrence available worldwide
- Direct access to decision-making UnderwritersFull property schedules covered based on largest location or bespoke per the client’s request
- Cover for Sabotage and Terrorism through to full Political Violence and Terrorism Liability
- Selective portfolio; Pick and choose which assets you wish to cover
- First Loss Limits Available
- Wide underwriting appetite for multiple occupancies
- Layered excess placements and deductible options
To speak to Marcus Meredith about this article Click Here, leave a message and youTalk-insurance will pass your details on
The Geo journey has begun.
An exciting future lies ahead as our Towergate businesses move over to Geo. From 1 February 2018, our personal lines business joins Geo Specialty in operating under the Geo brand. The move marks the next step in a programme of change as we transform into an agile MGA structured for long term success in an evolving insurance market.
Our commercial businesses will soon also move over to Geo, completing the operational phase of the transition. But that’s by no means the end of it. We’re on a journey to make a difference. To carriers. To brokers. To the industry as a whole. Geo is the start of that journey.
We look forward to sharing it with you.
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