Major brokerage firm Lockton has teamed up with several insurers in launching a new product in response to the evolving threats of terrorism.
The Terrorism Crisis Solutions (TCS) product offers corporate clients combined terrorism cover for various threats, including sabotage and terrorism for both property damage and liability; active assailant, active shooter, riots, strikes and civil commotion.
Clients can also obtain cover for nuclear, chemical, biological, and radiological malicious acts; workplace violence, stalking threat and financial protection when a client is impacted by an insured event.
The modular product gives clients flexibility and convenience while combining underwriting talent from the London market’s leading terrorism insurers, including Hiscox
, Beazley, Talbot and XL Catlin.
“Terrorism Crisis Solutions enables clients to build a terrorism policy that can be customised to meet their precise needs,” said Adam Watson, a Lockton partner and head of North American property and terrorism.
Watson noted that the growing terrorist threats being faced by businesses are also rapidly changing in nature.
“We have seen recent attacks across Belgium and France as well as in the US, which have brought home how terrorists are adapting their methods to inflict maximum casualties, fear and disruption,” he said.
“Terrorism can impact businesses in a multitude of ways,” added Richard Halstead, Hiscox
underwriter for war, terrorism, and political violence.
Halstead also said that the new product reaffirms London’s status as a “leading destination for businesses looking to protect themselves against this volatile and evolving risk.”
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