Insurer and reinsurer Chubb has launched a new Non Damage Terrorism Solutions policy offering designed to bridge gaps in traditional terrorism business interruption policies.
The new product is a single policy offering protection against non damage business interruption, plus employee and customer care assistance as a result of a terrorism loss.
Chubb states that its unique solution also offers event cancellation protection following an act or threat of terrorism, which includes an extension for War.
Typically, highlights Chubb, terrorism insurance products only offer physical damage cover and subsequent business interruption. Chubb’s solution has been designed and developed in response to feedback from clients and aims to meet the needs of businesses which find trade levels impacted by a terrorism event, but that experience no physical damage.
Chubb adds that its Non Damage Terrorism Solutions offering is available to businesses of all sizes and in the majority of locations around the world. In particular, Chubb’s new policy is aimed at retailers, hotels, financial institutions, entertainment and events sectors, transport, and infrastructure.
Chubb’s Head of Terrorism and Political Violence, Piers Gregory, commented: “We have seen a number of major terrorist incidents in recent years which have had an impact on businesses even though they did not suffer actual physical damage. These would not be covered by conventional terrorism products.
“Chubb’s Non Damage Terrorism Solutions not only covers the insured’s property but also the surrounding area which might prevent employee or customer access. The additional standalone capability for event cancellation following war and terrorism further strengthens the unique capabilities of our solutions.”