Liberty Specialty Markets (LSM), a division of Liberty Mutual Insurance Group, has announced the launch of a new terrorism insurance coverage designed specifically for the SME sector in Germany.
LSM entered the marketplace in 2018 as part of its strategy to extend its reach in Europe, and since then, business written leveraged the standard London Market cover.
According to LSM, the new coverage is comparable to the standard terrorism cover available in the German market, Allgemeine Terror Bedingungen (ATB).
Additionally, LSM provides a range of optional covers, including Non-Damage Business Interruption and a Strikes, Riots and Civil Commotion Clause (SRCC).
Corinna Walter, terrorism underwriter at LSM, commented: “We have been successful in building a portfolio of middle market Terrorism insurance business in Germany. We saw the value in having a contract easily comparable to those of our peers as well as the state guarantee. Contract certainty for our clients is a priority for LSM, this has been a key initiative for us to introduce.
“As witnessed recently in Austria, the ‘lone wolf’ style nature of attacks are becoming less sophisticated. As a result of the changing risk landscape, we have reviewed our offer to provide our clients with additional protection. Our new definition of terrorism is broader, as events do not need to be certified as terrorism by the German state in order to make a valid claim.”
