Re/insurance broker Aon plc has collaborated with Chubb Limited and Lloyd’s to develop a new stand-alone terrorism and political violence solution, called Platinum, which addresses the demands of an increasingly regulated market.
Platinum has been designed for multinational clients looking to fulfil local regulatory requirements in all territories they operate in, rather than centrally through a parent head office location.
Aon and Chubb have now scaled up a previously limited solution to meet these demands with cover for stand-alone terrorism and political violence risks and limits of up to US $500 million per policy.
Demand for this solution stems from the fact that many territories will not permit non-admitted coverage, meaning it is mandatory to provide admitted paper to allow for local payment of claims.
Platinum will provide globally admitted cover that facilitates the settlement of all local premium taxes and the repatriation of funds at the point of loss, and will be coordinated through a single umbrella policy that ensures compliance with local regulatory and tax requirements, with policies issued locally in each territory.
The policy will be priced and underwritten in collaboration with the Lloyd’s market, backed by Chubb’s extensive global network, and will be centrally coordinated by Aon and Chubb, allowing clients to benefit from the economies of scale of a global policy approach.
In addition to being tax and regulatory compliant, Platinum offers clients guaranteed capacity, ‘AA’ rated security, and a combined global reach in over 120 countries.
It will also include flexible, bespoke wordings, and offer broad automatic extensions with optional additional coverages available for liability, non-damage, business interruption, and cyber.
