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Pen Underwriting launches terror cover product

Pen Underwriting launches terror cover product | Insurance Business UK

Pen Underwriting launches terror cover product

Pen Underwriting has launched its new standalone terrorism proposition, aimed at businesses and property owners in the UK.

The new product has been created to cover realistic scenarios based on a broad definition of terrorism, and can be traded in multiple ways to best suit brokers and their clients, a statement from the multi-class MGA said.

It can now be traded on Acturis and may be underwritten on a transactional basis, with the e-trade launch on the Pen Portal coming next month.

According to Pen, the proposition’s follow-form basis enables cover to dovetail with underlying associated policies, which means cover is both streamlined and comprehensive. It also includes significant extensions – such as emergency accommodation costs and brand rehabilitation, as well as non-damage-related interruptions to business caused by denial of access to premises due to an incident in the vicinity or as a result of a verified threat.

“The nature and impact of terrorism incidents has evolved over time and we wanted to ensure that we continued to protect businesses that were both directly and indirectly affected by an incident as well as help them manage the impact of those losses, such as through brand rehabilitation,” said Simon Perry, head of London real estate at Pen Underwriting. “It’s all about creating a policy that’s likely to respond in the first place and then providing the critical coverages that businesses really need.”

The policy allows clients to select which properties from their portfolio they wish to insure against terrorism and uses a broad definition of terrorism, which includes sabotage and attacks committed by groups or lone individuals for a wide range of purposes. This, Pen said, provides a greater certainty of response to realistic scenarios while keeping pricing as competitive as possible.

“Our new quick-to-quote, e-traded terrorism insurance solution for UK businesses and property owners, which builds on the success of bespoke terrorism insurance for housing associations and the public sector, is a great example of how we are broadening the Pen product suite,” added  Nick Wright, chief business development officer of Pen. “That’s good news for brokers keen to trade more widely with us while sticking to our promise of making sure we are easy to do business with.”