Hiscox Increases U.S. Terrorism Insurance Capacity to $200 Million

April 28, 2014

Hiscox has increased capacity to $200 million for U.S. domiciled terrorism risks. The additional capacity addresses the increased demand for standalone terrorism coverage caused by the upcoming expiration of the U.S. government terrorism insurance backstop offered by the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) in December 2014. Hiscox has a team of five US-based terrorism insurance underwriters in their Atlanta, Chicago, Los Angeles and New York offices.

The Hiscox policy does not require government certification of a terrorist attack and has no minimum loss requirements. The capacity stands independent of TRIPRA. The Boston Marathon bombing in 2013 was never officially certified a terrorist act by the U.S. Government, one of the key requirements for TRIPRA coverage to take effect.

Hiscox insured’s can add nuclear, chemical, biological and radiological (NCBR) coverage to the policy with limits of up to $25 million and terrorism liability coverage with limits up to $50 million.

Hiscox’s insurance portfolio includes commercial, professional liability and specialty insurance products, and has offices in New York, Atlanta, Chicago, Los Angeles, San Francisco, and White Plains, N.Y.

Hiscox, the international specialist insurer, is headquartered in Bermuda and is comprised of three main underwriting parts – Hiscox London Market, Hiscox U.K. and Europe, and Hiscox International.

 

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