Global re/insurance broker Marsh has announced the launch of a new standalone insurance solution that provides financial protection in the event of business interruption following social unrest.
Underwritten by Chaucer, the global solution provides limits up to $20 million for denial of entry/leaving a property caused by events including protests, terrorism, strikes, and civil commotion.
Citing the 2017 terrorism attack at Borough Market in London, when businesses in the vicinity were unable to resume normal operation for 11 days, Marsh estimates that the losses incurred from non-damage business interruption (NDBI) could range from $750,000 and $5 million.
The waiting period – or the length of time before the coverage comes into effect – for Marsh’s new Social Unrest solution can be as little as 24 hours after an incident occurs.
“While protests, strikes, and demonstrations aren’t always violent or cause physical damage, they are becoming increasingly frequent in modern society,” said Justine Mayhew, Head of International Property within Marsh’s International Placement Division.
“Many standard insurance products have not yet adapted to the evolving nature of these threats and typically only cover business interruption losses associated with physical damage.”
“By covering denial of access arising from disturbances to the public peace, Marsh’s Social Unrest solution helps clients reduce the economic impact of these events on their businesses.”
