Global insurer and reinsurer XL Catlin has increased its available terrorism insurance coverage limits in the U.S. by 25% to $250 million, in response to continued and growing demand for insurance protection against terror events.
Previously a $200 million limit, XL Catlin’s standalone Terrorism insurance solution enables U.S. companies to fill any potential protection gaps provided by the federal Terrorism Risk Insurance Program Reauthorization Act (TRIPRA).
The re/insurer’s terrorism insurance coverage includes protection against direct physical loss or damage, business interruption, terrorism liability/general liability for bodily injury or physical damage as a result of an act of terror and, also includes add ons such as threat of terror, chemical, biological, radiological and nuclear events, plus active assailant insurance events.
Ben Tucker, Head of US terrorism and political violence insurance, XL Catlin, said; “Terrorism events in every corner of the world are prompting businesses worldwide to take a hard look at the risk that terrorism poses to their property and operations. They are looking for higher levels of financial protection to meet increased terrorism concerns and with this increase, we’re better equipped to address more of their coverage needs.”