Specialist global insurer Hiscox has launched a stand-alone Threat product designed to protect businesses against the loss of revenue suffered as a result of a threat or hoax.
The Hiscox Threat policy provides non-physical damage business interruption (BI) cover as a result of a threat or hoax on a stand-alone basis – something that customers have been requesting given recent trends.
The product relies only on the threat of a malicious act or malicious damage, rather than on an incident being declared a terrorist event, and protects businesses if their premises are evacuated, locked down or cordoned off as a result of a threat. It provides policyholders with advice on risk prevention, indemnity against loss of revenue for the length of time the business is interrupted (up to a cap of $5 million limit per occurrence and $20 million in the annual aggregate), and post-loss risk assessment from specialist risk consultancy Control Risks.
Charles Rawlins, War, Terrorism and Political Violence Underwriter, Hiscox London Market, commented: “The nature of terrorism is changing and reacting to ensure the safety of staff, clients and the public can result in substantial business interruption. Our Threat product is designed to protect businesses against unforeseen events such as a suspicious vehicle or police activity that closes off the surrounding area – increasing certainty of cover in what are often uncertain times.”
Source: Hiscox Ltd.
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