- Pricing and telematics lead the charge as insurtech patents jump 40pc
- FCA puts general insurance pricing practices under review
- Volvo and Baidu reach agreement to produce autonomous vehicles
- Cyber and D&O exposures increasingly intertwined, Airmic report finds
- Arch selects Touchstone for cat risk modelling
Fiducia teams with Atrium on terrorism cover
Written by staff reporter
Speciality MGA Fiducia and Lloyd’s insurer, Atrium Underwriting have developed the terrorism and sabotage policy which takes account of the changing risks associated with the latest types of terror threats.
Underwriter at Fiducia, David Heeney says: “Understanding the benefits of having a standalone terrorism policy is a difficult proposition for many clients but we at Fiducia have developed, for UK regional brokers, a market leading terrorism product to assist them in engaging with clients who feel their property and assets may not be vulnerable to an act of terrorism.
“Following previous terrorism events 70% of the companies that went out of business due to the after effects had suffered no physical damage or loss. They simply were unable to access their buildings and the area, which had been popular with visitors, no longer held any attraction so business was dramatically reduced.”
Heeney says there has been an increasing demand for terrorism cover that offers protection above and beyond that offered by the Pool Re scheme. "While Lloyd’s underwriters have been providing cover with extensions for business interruption, denial of access and loss of attraction, regional brokers have not really had the ability to access it until now.”
He adds that the policy comes with access to Atrium’s unique risk management analysis software that will enable brokers to provide detailed advice on the level and type of insurance needed by their clients on an individual basis.
“Blast Zone Exposure Management is a unique risk management analysis software,” he explains. “Our experience shows us that the largest single location often isn't the largest accumulation of exposure a client has within a 200 metre blast zone where they can suffer both physical damage and business interruption that reaches far beyond a top single location value. We can analyse the insured’s assets and assist them in selecting a level of cover to match their accumulation of exposure, eliminating under and over insurance.”
Political violence underwriter at Atrium, Stuart Harmer, added: “We are excited to be supporting the Fiducia team. The company has put first class service levels at the heart of their business. At Atrium we choose our partners carefully and we are confident that Fiducia and the innovative products they have designed and created will provide a very attractive alternative to those currently in the market. From the outset of our discussions we have been impressed by the drive, professionalism and depth of knowledge within Fiducia and we look forward to a long and successful partnership”