Chubb launches new non damage terrorism cover

Chubb has launched a new insurance package aimed at bridging gaps in traditional terrorism business interruption policies. Non Damage Terrorism Solutions is a single policy offering non damage business interruption, with employee and customer care assistance as a result of a terrorism loss. The policy also provides event cancellation coverage following an act or threat of terrorism, including an extension for War.

Conventional terrorism policies typically provide cover for physical damage only and resultant business interruption. Chubb says that its new offering has been developed in response to client feedback and is designed to meet the needs of businesses which find their ability to trade impacted as a result of a terrorist incident, even though there is no physical damage, for example, if the immediate area around their premises is made inaccessible for security reasons.

The new cover is available to businesses of all sizes and in most locations around the world, and is particularly aimed at retailers, hotels, financial institutions, entertainment and events sector, transport and infrastructure.

Piers Gregory, head of terrorism and political violence at Chubb, said: “We have seen a number of major terrorist incidents in recent years which have had an impact on businesses even though they did not suffer actual physical damage. These would not be covered by conventional terrorism products. This policy not only covers the insured’s property but also the surrounding area which might prevent employee or customer access."

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