Reinsurance News

XL Catlin develops terror cover for auto fleets

8th June 2018 - Author: Matt Sheehan

XL Catlin has launched a new insurance solution called Auto Terror Protect for companies with fleets of vehicles that could be used as a weapon in a terrorist attack.

auto fleetThe product will be targeted at fleet operators, vehicle rental companies, haulage and logistics companies, and is designed as a contingent umbrella cover that wraps around any existing motor and third-party liability policies.

It provides cover for injuries to third parties and employees, as well as first party property damage for the vehicle and any goods in transit up to a capacity of $25 million for any one risk.

Additionally, the Auto Terror Protect policy will include coverages designed to help policyholders respond to a terrorist incident, such as medical expense, counselling and psychiatric care costs, as well as security and public relations costs.

Mark Steddon, Senior Underwriter, Terrorism & Political Violence at XL Catlin, said: “In recent years, we have seen a shift in the tactics used by terrorists, with vehicles being used increasingly to cause casualties. The devastating effect of these attacks has led to increasingly complex liability exposures for companies with vehicles”.

Tremor - The modern way to place reinsurance

He added: “As the risk increased and some insurers have restricted terrorism coverage where possible, many companies have been left exposed. Using our extensive knowledge and expertise in terrorism insurance and crisis management, we have created Auto Terror Protect to help these companies deal with the aftermath of such incidents, helping them meet their duty of care responsibilities.”

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