Speciality MGA Fiducia has teamed up with leading Lloyd's insurer, Atrium Underwriting, to launch a new terrorism product for regional brokers.
While the UK insurance sector's specialist terrorism risk pool, Pool Re, offers cover it does so in most cases only if the insured's building suffered physical damage. The Fiducia/Atrium product meets the demand for terrorism cover which is triggered if a business suffers business interruption, although there is no physical damage to the insured's premises.
Many firms in the recent attacks on the Manchester Arena and Borough Market found they were unable to access their buildings due to the ongoing police operations for some days or weeks afterwards. Businesses in Borough Market have also said they have seen a significant fall in trade as visitors are concerned to go to the area following the attack.
Underwriter at Fiducia, David Heeney:
"There has been a demand for terrorism cover that offers protection above and beyond that offered by the Pool Re scheme. The policy also comes with access to Atrium's unique risk management analysis software that will enable brokers to provide detailed advice on the level and type of insurance needed by their clients on an individual basis."
Stuart Harmer Underwriter Political Violence at Atrium said:
"We are excited to be supporting the Fiducia team. The company has put first class service levels at the heart of their business. At Atrium we choose our partners carefully and we are confident that Fiducia and the innovative products they have designed and created will provide a very attractive alternative to those currently in the market. From the outset of our discussions we have been impressed by the drive, professionalism and depth of knowledge within Fiducia and we look forward to a long and successful partnership"
Contact David Heeney on 0113 831 4333 or email firstname.lastname@example.org