European Property Underwriting Ltd. (EPUL), the London-based commercial property managing general agent (MGA), has launched a flexible UK and Northern Ireland terrorism solution offering cost-effective cover as an alternative to Pool Re.
EPUL’s stand-alone terrorism policy provides material damage and business interruption coverage for business and property investors’ risks. Insureds can select which properties they wish to cover. Policy loss limits are also available in return for a rating discount. Cover includes day-one inflation provisions and alternative residential accommodation free of charge. EPUL is offering a minimum premium of £25 ($33.50) compared to £100 ($134) under Pool Re.
EPUL brokers can use the MGA’s online quote and bind facility and have access to a “Quick Quote” service that enables them to obtain an indicative pricing using just a postcode and sums insured.
“Facing an evolving and ever-present terrorism threat, it is perhaps the smaller businesses and property portfolios that potentially have most to lose in a terror attack,” said Andrew Whittaker, managing director of EPUL. “In recognizing the need for the terrorism insurance market to respond to the requirements of these clients, we have employed the expertise and capabilities available within the Lloyd’s market to develop a responsive and cost-effective material damage and business interruption solution.”
The launch of the terrorism cover follows EPUL being granted Lloyd’s coverholder status.
Whittaker said: “This is an important development and enables EPUL to continue expanding the range of products we can offer beyond what is generally available in the composite property investors’ insurance market.”
EPUL includes this flexible terrorism solution for property investors in the UK within its “Omnibus” combined product and can also provide terrorism cover across Europe on a stand-alone basis.
Source: European Property Underwriting Ltd. (EPUL)
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