London-headquartered commercial property MGA European Property Underwriting Limited (EPUL) has announced the launch of a flexible UK and Northern Ireland terrorism solution meant to offer a more cost-effective alternative to Pool Re.
With a minimum premium of £25, compared to £100 under Pool Re, the new terrorism policy provides material damage and business interruption coverage for business and property investors’ risks.
Insureds are able to select which properties they wish to cover while EPUL brokers are able to leverage an online ‘Quick Quote’ service, allowing them to obtain an indicative pricing using just a postcode and sums insured.
The new terrorism policy is offered within EPUL’s Omnibus combined product and has indicated that it can also provide terrorism cover across Europe on a stand-alone basis.
Managing Director of EPUL, Andrew Whittaker, said, “Facing an evolving and ever-present terrorism threat, it is perhaps the smaller businesses and property portfolios that potentially have most to lose in a terror attack.”
“In recognising the need for the terrorism insurance market to respond to the requirements of these clients, we have employed the expertise and capabilities available within the Lloyd’s market to develop a responsive and cost-effective material damage and business interruption solution.”
The launch of the terrorism cover follows EPUL being granted Lloyd’s Coverholder status.
Commenting on the Lloyd’s Coverholder status recently obtained by EPUL, Whittaker added, “This is an important development and enables EPUL to continue expanding the range of products we can offer beyond what is generally available in the composite property investors’ insurance market.”
