Global re/insurance broker Aon has collaborated with Pembroke Managing Agency at Lloyd’s in the development of a Public Protection Policy, designed to help businesses provide financial support to individuals affected by a terrorist attack on its premises or owned space.
With an aggregate policy limit up to $50 million, the solution is intended to provide timely financial support for victims that would otherwise have to wait months to receive funds from either government or charity funds.
Aon says the PPP was created in response to terrorist attackers increasingly shifting their focus towards mass human casualties.
“Protecting individuals from external harm has become increasingly challenging,” explained the firm.
“Companies operating in public spaces or with exposures due to their public footprint are battling security exposures that continue to evolve.”
An aggregate policy limit of up to $50 million per event is hoped to enable businesses to take a responsive and structured approach to such attacks, while providing a measure of relief to those affected.