It’s a bitter pill to swallow, but terrorism insurance is a symptom of living in an increasingly unsteady world, where the only certainty is uncertainty. The catastrophic and tragic losses of the September 11th attacks changed the whole world forever – including the insurance industry – but the United States isn’t the only country to have been rocked by terrorism.
In the UK, changes to insurance policies came much sooner, after the 1992 bombing of the historic, grade II listed Baltic Exchange Building. The damage was so extensive, it eclipsed the financial losses of all previous bomb attacks on UK soil. The following year, terrorism was excluded from all UK insurance policies, to be introduced as a policy endorsement and as standalone cover.
Because of the uncertain nature of the risk and the potentially huge damages that can result, terrorism insurance is handled in much the same way as insurance for natural disasters.
What does terrorism insurance cover?
Terrorism insurance for business covers the policy holder(s) for damage to property (including buildings and contents), and can cover other losses brought about by an act of terror such as financial losses from extended downtime.
While we all hope never to have to experience terror, protecting your business is simple – just call our experienced, award-winning team of insurance experts on 0345 862 2727 or contact us online.