Geo Specialty broadens political violence and terrorism coverage

Geo Specialty has broadened the scope of its UK political violence and terrorism policies, widening BI cover to incude loss of profits even after a property has been rebuilt and reopened.

Terrorism insurance policies typically pay for business interruption following physical damage until the reinstatement of the premises. Geo Specialty’s new wording, which it believes to be unique, extends this to cover loss of profit until a business is operating as well as it was before a terrorist incident for the duration of the three-year indemnity period.

Marcus Meredith, Geo Specialty head of political violence and terrorism, said: “When businesses are the victim of terrorism or political violence, they deserve the support of insurance not just to reopen, but to get back on their feet and back to trading as they were before. Extending our coverage to put them back in the position they were is simply the right thing to do.”

Geo Specialty Political Violence and Terrorism was launched in 2017 by Meredith, a former British Army officer. It is intended to offer an alternative to the government-backed Pool Re with broader coverage as standard such as non-damage denial of access and by covering all politically motivated attacks.

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