XL Catlin has introduced “Active Assailant” coverage to its crisis management product suite to respond to the threat of physical attack faced by businesses and public service providers.
“Active Assailant coverage will initially be underwritten in the U.K., U.S., Germany and Asia Pacific, covering clients globally. The solution is designed to help organizations with the financial impacts of Active Assailant events ranging from business interruption, denial of access through to medical expenses and business rehabilitation costs,” said Stephen Ashwell, XL Catlin’s chief underwriting officer for crisis management.
As well as providing coverage for standard property damage, Active Assailant coverage also provides coverage for business interruption including a determination by authorities that the insured’s operations have to cease at their current location, said XL Catlin in a statement.
BI coverage can be extended to include denial of access and civil & military authority coverage, which occurs when access and/or use of a facility is either impaired or prohibited for a period of time following an Active Assailant event, the company added.
The new endorsement also provides enhanced extra expense coverage, which may include expenditures related to public relations assistance, relocation, counselling and/ or psychiatric care, medical expenses, additional security and job retraining.
XL Catlin said the coverage is broad and responds to premeditated events, which is a “key differentiator” of the product.
“XL Catlin believes there will be significant demand for the solution and has added additional capacity to support its development,” the company said.
“Sadly, global terror events and a number of recent, high profile attacks carried out by terrorist groups and individuals has brought into focus the need for such an insurance solution,” Ashwell commented.
“Incidents of this nature are terrible in all cases, that’s clear. Without the right insurance cover however, the aftermath can be just as devastating; crippling organizations and their function in society. This is why we have developed this coverage to help address the gaps there are in existing solutions, in a thorough and thoughtful way,” he said.
Source: XL Catlin