Hiscox launches all-in-one cover against terrorism and political violence
16 October 2007
The increased threat of terrorism and political instability around the world has prompted a Lloyd’s underwriter to offer a unique new insurance product.
Traditionally insureds have bought separate products to cover terrorism and political violence, making it confusing for policyholders with a claim – as the lines between events of war, terrorism and political violence have become increasingly blurred. Hiscox, via its Lloyd’s syndicate, has created a combined insurance policy to protect companies against the individual or combined effects of all three.
The new cover is designed to meet the needs of large, international organisations typically operating in emerging markets, where their business may be more vulnerable to such conflicts, removing any uncertainty should a loss be suffered.
Stephen Ashwell, War, Terrorism and Political Violence Underwriter at Hiscox, said: “We live in an increasingly globalised world with more and more companies operating in unstable territories. In the past, companies have protected themselves by buying individual insurance policies to cover against, for example, terrorism.
“This is still relevant for a lot of companies, but with increasing ambiguity between what defines a loss related to war, terrorism or political violence, there is a danger that a company could find itself uninsured, and therefore facing severe commercial obstacles.
“As an ‘all-in-one’ policy, this cover is designed to remove that uncertainty and allow businesses to operate, secure in the knowledge that their operations are protected,” he said.
Last updated on 18 Oct 2007
