Aon, Chubb, and Lloyd’s, three huge names in the insurance industry, have collaborated to launch Platinum, a terrorism and political violence solution that addresses the demands of an increasingly regulated environment.
In today’s global environment, multinational companies must navigate complex regulatory networks while dealing with a wide array of country risks, which include the increased threat posed by terrorism and political violence.
According to Aon, Platinum was developed in response to increasing demand from clients that wish to fulfil local regulatory requirements in all territories rather than centrally through a parent head office location. It upgraded the previously limited solution to offer unprecedented limits and coverages within the stand-alone terrorism and political violence market. This is due to the fact that many territories simply will not permit non-admitted coverage; therefore, to allow for local payment of claims, it is mandatory to provide admitted paper.
Aside from providing globally admitted cover, Platinum also facilitates the settlement of all local premium taxes and the smooth repatriation of funds at the point of loss. It is a fully compliant multinational solution and is coordinated through a single umbrella policy that ensures compliance with local regulatory and tax requirements, with policies issued locally in each territory.
Platinum is centrally coordinated by Aon and Chubb, which will allow clients to benefit from the economies of scale of a global policy approach, and is priced and underwritten in collaboration with the Lloyd’s market to ensure competitive cover. It also draws from Chubb’s extensive global network of over 120 countries and experience servicing complex accounts in local markets, in order to deliver a comprehensive client solution, which Aon claims has no equivalent currently available at this scale.
It offers a limit of US$500 million per policy, with flexible and bespoke wordings. Furthermore, it features broad automatic extensions with optional additional coverages available for liability, non-damage business interruption, and cyber.