XL Catlin has raised its available terrorism insurance coverage limits to US$250 million from US$200 million.
According to Ben Tucker, head of U.S. terrorism and political violence insurance, “Terrorism events in every corner of the world are prompting businesses worldwide to take a hard look at the risk that terrorism poses to their property and operations. They are looking for higher levels of financial protection to meet increased terrorism concerns and with this increase, we're better equipped to address more of their coverage needs.”
XL Catlin said in a statement that its standalone terrorism insurance policy helps U.S. businesses address potential insurance coverage gaps provided by the federal Terrorism Risk Insurance Program Reauthorization Act (“TRIPRA”).
XL Catlin added that its terrorism insurance coverage includes:
• Coverage for direct physical loss or damage and resulting business interruption;
• Terrorism liability/general liability for bodily injury and/or physical damage resulting from an act of terrorism;
• A “broad definition of terrorism” including coverage for acts perpetrated for political, religious, and/or ideological purposes;
• Options to add insurance for:
- Chemical, biological, radiological and nuclear (“CBRN”) events
- Active assailant insurance events
- Threat of terrorism
XL Catlin also provides its standalone terrorism policyholders with access to its retained consultancy, S-RM, a global business intelligence, risk management, and cyber security services firm, that provides tailored consultancy support for pre-loss planning and post-loss business continuity services.
Learn more: xlcatlin.com.