|UIB Terrorism & Political Violence|
|Home > Expertise > Non-Marine & Energy > Terrorism|
|With worldwide terrorist activities increasing in frequency and severity, never has the need been so great for Terrorism cover to be bought to protect your assets, interests and Liabilities.||
|The odds of a terrorist attack on your property are difficult to predict but the potential damage and liability is enormous. The September 11th attacks in 2001 resulted in an estimated
loss of USD 31.7bn.
The modern terrorist does not just target government owned property with more and more attacks now being carried out on the private sector. We are constantly seeing attacks on hotels, airports, restaurants, bars, market places, all modes of public transport, refineries, pipelines, entertainment and leisure facilities, construction projects, manufacturing facilities and offices and banks.
Most Liability and Property insurance policies now automatically exclude terrorism cover because of the unpredictability of an event and the potential for huge losses. At the same time many banks and lenders require terrorism cover be in place before loans are processed, credit facilities made available and projects are funded.
The purchase of terrorism cover is also an illustration of good corporate governance which would portray your company in a positive light with other insurers with whom you are purchasing different cover, as well as highlight how responsible you are to local and national authorities.
The terrorism market has matured since 9/11 in terms of products and capacity that is available. In November 2001 finding USD 100m stand-alone capacity was a big challenge. Market capacity in 2009 is estimated to be up to USD 3bn.
The standard terrorism policy called LMA 3030
covers Physical Loss or Damage resulting from an
act of terrorism as a base wording. This wording
Alternative coverage that can be purchased includes:
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