London-based underwriting subsidiaries of the Bermuda-based Catlin Group Limited have introduced a new terrorism insurance product that includes unique crisis response services as well as coverage for chemical, biological, radiological and nuclear (CBRN) losses.
The announcement explained that the “UK Asymmetric” product, is underwritten by the Catlin Syndicate at Lloyd’s and Catlin UK (Catlin Insurance Company (UK) Ltd., and “includes comprehensive coverage of property damage, business interruption, general and employers’ liability, clean-up costs and consultancy expenses arising from an act of CBRN terrorism or a threat thereof.”
The Catlin Group has a great deal of experience in underwriting insurance covering CBRN events, as it first introduced this type of coverage in 2006.
“UK Asymmetric includes pre-incident support and post-incident response services provided by SecureBio, a UK-based firm that specializes in providing high-security solutions delivered by experienced CBRN experts,” Catlin explained.
The services that can be provided by SecureBio include the following:
• reviews of CBRN resilience plans;
• crisis response training;
• quarterly threat intelligence updates;
• Rapid post-incident response, including field testing of contaminated sites;
• clean-up and decontamination management; and
• liaison with government authorities.
The announcement noted that the “policy covers contamination by ‘chemical weapons’ as well as contamination caused by legitimate but toxic chemicals that can be used in a terrorist attack. The broadest coverage is currently only available for UK-domiciled risks. However, variations of the product are available to assureds worldwide.”
Will Farmer, a Catlin underwriter specializing in terrorism insurance, commented: “The UK Asymmetric product is a unique solution for assureds that goes far beyond current terrorism insurance offerings, either from state-backed terrorism pools or private insurers. Catlin’s partnership with SecureBio is key to this product. SecureBio is a pioneer in this field with a highly experienced team of operators and has a proven track record in dealing with CBRN incidents.”
The bulletin noted: “SecureBio is a global pioneer in CBRN response. Led by an acknowledged global CBRN expert, manned exclusively by highly trained and experienced ex-UK Military and Police specialists, and backed up by world-leading CBRN research from Cranfield University.”
Source: Catlin Group
Topics Catastrophe Natural Disasters
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