Ironshore Inc. announced that its global Terrorism & Sabotage program to protect against diverse risk exposure worldwide has increased capacity to up to U.S. $300 million.
The insurance coverages are underwritten by Ironshore’s Lloyd’s Pembroke Syndicate 4000.
The Terrorism & Sabotage product sets forth a clear definition of what constitutes an act of terrorism, which serves as the sole determinant of coverage related to event loss, either on a full value or first loss basis.
Ironshore said its insurance coverage is distinct from TRIPRA in its response to terrorist acts, regardless of where the event takes place. The insurance product covers property damage and business interruption resulting from acts of terror. Coverage can be extended to include strikes, riots and civil commotion, as well as loss resulting from malicious damage. Comprehensive coverage also includes incurred losses sustained from defense costs, debris removal expenses, and professional fees.
“An act of terrorism can strike anytime, anywhere and the consequences are devastating,” said Kevin H. Kelley, chief executive officer of Ironshore. “In today’s world, following such recent acts as the Boston Marathon bombings and the attack on the Kenya mall, terrorists are striking worldwide. Global terrorism insurance coverage is essential.”