2017 has seen an increase in the terrorism threat in the UK and the type of attacks has changed from primarily property damage to increasing violent attacks focussing on fear, chaos and loss of life, sometimes with no or minimal property damage, but with business left with no cover, due to damage proviso in terrorism insurance policies.
Standard terrorism insurance policies do not typically include cover for any terrorism attack. This has resulted in potential for gaps in cover to exist, which clients are often not adequately aware of. For example, the Borough Market attack in London in June 2017.
There are a range of terrorism policies available which offers a wide definition of what constitutes a terrorist act, but also offers a comprehensive wording with vital and relevant extensions, including but not limited to:
- Non-property damage business interruption cover, including denial of access
- Suppliers extensions
- Threat cover
- Chemical, Biological, Radioactive & Nuclear cover
To find out more about these policies and how Ae Insurance Brokers Ltd can help support your organisation, please call 02380 558200 or email simonrees@aeins.co.uk.