The British Insurance Brokers Association (BIBA) and Pool Re have collaborated with Government departments and other industry experts including Yutree Managing Director Kevin Hancock who chairs the Pool Re Broker Panel, to produce a modern guide to terrorism insurance.
No longer can businesses expect to escape the effects of an attack just because they are not located in a high-profile building or a major city.
Since Pool Re was launched in 1993, largely as a result of attacks by the IRA on the UK mainland, the risk of terrorism has changed dramatically. Current threats see the rise of ‘lone-wolf’ attacks, potential use of chemical and biological agents, cyber-attacks and the weaponising of vehicles.
Less than 3% of SME businesses buy terrorism cover. The new guide highlights why terrorism insurance is important to businesses and will enhance understanding of the risk of terrorism, helping businesses informed decision about the insurance protection they need.
The guide describes how the Counter-Terrorism and Border Security Act has allowed Pool Re to expand its remit to provide cover for ‘Non-Damage Business Interruption’, closing a significant terrorism insurance gap for UK businesses, allowing them to continue to trade and provide services within their communities.
Julian Enoizi, Pool Re Chief Executive said, “We recognise the vital role insurance brokers play in ensuring commercial policyholders obtain the most appropriate insurance cover for their business. This guide highlights the argument that there are few businesses that can afford not to buy terrorism cover.”
Click here to download a copy of the guide.
If you have any questions regarding terrorism insurance please contact Yutree on 01638 660651