Another leading insurance company is entering the terrorism insurance market.
ACE Group has announced the launch of ACE Political Violence and Terrorism Plus, a multinational political violence and terrorism insurance solution targeted at businesses in Continental Europe, the Middle East and Africa and Asia Pacific.
The offering provides integrated cover across the full spectrum of terrorism and political violence perils including: Bomb hoax threat – for which ACE claims to be one of the first insurers to include it in its coverage; Transit cover – for goods in transit traditionally excluded from this type of policy;
Looting and pillaging directly following an insured peril – this is excluded in most wordings but is very important, especially for clients in the retail sector; Contingent business interruption extensions – including denial of access, public utilities and customers and suppliers extensions;
Capital additions and new acquisitions – for clients that are expanding; Group interdependency – providing coverage to both the main premise that suffers a loss as well as those dependent premises; and loss of control clause – providing greater clarity in the event of government authorities causing significant property damage in an attempt to mitigate a terrorism attack.
