Pen Underwriting has launched a new standalone terrorism coverage for UK businesses and property owners.
The terrorism product has been designed to be e-traded via Acturis or the Pen Portal with minimum referral triggers, although it can also be underwritten in a conventional manner.
Extensions such as emergency accommodation costs and brand rehabilitation are incorporated, as well as non-damage-related interruptions to business caused by denial of access to premises due to an incident in the vicinity or as a result of a verified threat.
Coverage includes sabotage and attacks committed by groups or lone individuals for a wide range of purposes, Pen added.
“To maximise the value of our terrorism solution to UK businesses and property owners we stripped back to basics our current proposition and rebuilt it from the ground up for the multiple distribution channels that we support,” explained Simon Perry, Head of London Real Estate at Pen Underwriting.
“The nature and impact of terrorism incidents has evolved over time and we wanted to ensure that we continued to protect businesses that were both directly and indirectly affected by an incident as well as help them manage the impact of those losses, such as through brand rehabilitation,” Perry continued.
“It’s all about creating a policy that’s likely to respond in the first place and then providing the critical coverages that businesses really need.”
Nick Wright, Chief Business Development Officer at Pen Underwriting, also commented: “When we announced our ambition to become a £1bn underwriting and distribution business last July, we made it clear that investing in the creation of more specialist niche practices and expanding our e-trade capabilities would be a big part of that.”
“Our new quick-to-quote, e-traded terrorism insurance solution for UK businesses and property owners, which builds on the success of bespoke terrorism insurance for housing associations and the public sector, is a great example of how we are broadening the Pen product suite. That’s good news for brokers keen to trade more widely with us while sticking to our promise of making sure we are easy to do business with.”
