Understanding the benefits of having a standalone Terrorism policy is a difficult proposition for many clients but we at Fiducia have developed, for UK regional brokers, a market leading Terrorism product to assist you in engaging with clients, including those who feel their property and assets may not be vulnerable to an act of Terrorism.
Your clients do not have to be the target of an act of Terrorism to suffer a financial loss to their business. Most businesses located near to an act of Terrorism do not suffer Property Damage but can incur significant financial loss due to Loss of Attraction and Denial of Access. Pool Re can pay out for Business Interruption, but only if there has also been Property Damage (unless the underlying commercial combined policy &/or any specific extensions do not have a material damage proviso).
We have designed coverage to include those clients who in the event of an act of Terrorism do not suffer any Physical Damage to their property and contents but incur a Business Interruption loss.
The businesses operated by your clients could be varied and include restaurant, hotel, entertainment, retail, manufacturer, distributor, wholesaler, logistics.
Under some of our policy Business Interruption extensions there is no requirement for Physical Damage to Insured Assets. These include :
Loss of Attraction where your client suffers an interruption or interference with their business following Terrorism or Sabotage at a nearby train, tram, tube or bus station, shopping centre, hotel, sport or entertainment venue, place of worship, office complex, historic building.
- Denial of Access to Insured Property
- a Threat of Terrorism or Sabotage
- Damage affecting the supply of gas, electricity, water, telecommunications or internet
Our policy is also designed for Commercial and Residential Property Owners including student accommodation and provides Physical Damage to Insured's assets and Loss of Rent. We can offer additional costs incurred for Alternative Residential Accommodation which would provide for the reasonable additional cost of similar comparable accommodation for the tenant including temporary furniture storage costs until the residential portion is habitable and accessible.
Our product is also suitable for places of worship (including mosques), religious centres, museums and art galleries.
Our extensions include :
- Fire Brigade, Police, Emergency services expenses
- Demolition and Increased Cost of Construction
- Clean Up Costs (Seepage &/or Pollution &/or Contamination)
- Landscape, Trees, Roadways & Pavements
Your client can choose which properties to insure and/or select a floating first loss sum insured to better reflect their requirements. This can have substantial premium savings compared to the Pool Re scheme.
This cover flexibility encompassing policy wording, location and limit selection is not available under the Pool Re scheme.
Blast Zone Exposure Management is our unique risk management analysis software. Our experience shows us that the largest single location often isn't the largest accumulation of exposure a client has within a 200 metre blast zone where they can suffer both physical damage and business interruption that reaches far beyond a top single location value. We can analyse the Insured Assets and assist your client in selecting a level of cover to match their accumulation of exposure, eliminating under and over insurance.
Our Terrorism & Sabotage product summary is available from our Downloads area. If you would like to discuss further then please contact us.