XL Catlin’s has launched Active Assailant, Loss of Attraction and Threat (ALT) insurance coverage to respond to the impact of terrorism or an active assailant attack or the threat of an attack on the operations of businesses and public service providers.
There are three components which make up the ALT coverage:
- Active Assailant – for when a physical attack results in injury to people at the affected location, business interruption and property damage. The coverage includes medical and counselling expenses, damage to property and business interruption costs. Additionally, it covers expenses for closure of premises, denial of access and relocation costs as well as public relations fees.
- Loss of Attraction – for when an attack occurs within one kilometer of the insured premises or at a pre specified attraction, causing loss of profit without any property damage to the insured premises.
- Threat – for when a threat of a malicious act to cause damage to people or property at an insured location has a knock on effect on the operations of the insured. The coverage provides business interruption and security costs.
The coverage is underwritten out of the UK, U.S. and Singapore, and includes access to specialist risk and business intelligence consultancy S-RM. The firm helps clients to evaluate their security risks and identify the most effective way to address them.
According to Stephen Ashwell, XL Catlin’s chief underwriting officer for Crisis Management, capacity for the coverage is up to $35 million for Active Assailant and $25 million for Loss of Attraction and Threat.
XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally.
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