Terrorism and political unrest guide
ACE, Airmic launch terrorism and political violence guide
More than a third (36%) of UK corporates do not have specific insurance cover in place for terrorism and political violence risk, according to research by ACE. Of these, 13% believe such types of risk to be covered under another policy
The findings came as ACE published its guide, “Property Insurance: Terrorism and Political Violence”. Produced in conjunction with Airmic, the guide explains and explores the nature and extent of terrorism and political violence threats. It offers advice on how to secure the necessary insurance to transfer some or all of these exposures.
In clarifying how various coverage options respond to certain incidents (such as ‘terrorism’, ‘riots and civil commotion’ and ‘political violence’) it aims to remove ambiguity, and help risk managers to be clear on what is insured under each type of policy. It also contains definitions for key terms relevant to terrorism and political risk cover.
In addition, it highlights other key areas for risk managers and insurance buyers to consider, such as the link between exposure to terrorism and political violence, and the influence it has on supply chain disruption, or business interruption factors caused by “denial of access” following an incident.
Piers Gregory, Terrorism Underwriting Manager, ACE said the document was intended to provide further clarity on the subject. “Many policyholders are still uncertain as to the nuances of terrorism and political violence cover,” he said.
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