Allianz Group’s specialist corporate insurer Allianz Global Corporate & Specialty (AGCS) has launched coverage for U.S. businesses when faced with loss related to terrorism and political violence both at home and overseas. Specifically, AGCS provides customizable protection beyond coverage provided by the U.S. government’s Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) and includes a broader definition of what constitutes a terrorist incident, supported by an established local team of experts.
Under the enhanced policy guidelines, incidents committed by a single attacker or group, acting alone or on behalf of an organization for political, religious or ideological reasons, are covered. An event does not require U.S. government certification for an act of terrorism to be recognized.
Businesses can suffer significant losses following acts of terrorism or political violence, even if they are not directly impacted. Following an event, civil and/or military authorities can shut down affected areas for significant periods of time resulting in direct loss of revenue. As investigations are conducted, access to certain areas may be prohibited, resulting in revenue loss for businesses in those areas. Therefore “denial of access” extensions are available, covering loss sustained when such access to and/or from property is prevented due to a lockdown.
Extensions for “customers and suppliers” are also offered as the risk can extend to a client’s customer or supplier base, with indirect losses in the form of delays in delivery or receipt of goods from suppliers. Although supply chain management is critical to any business, those most frequently exposed are in the retail, manufacturing and hospitality segments.
Policies can be customized to address the following risk areas: standalone terrorism & sabotage; strikes, riots and/or civil commotion; full political violence (including war); terrorism liability; event cancellation (including threat); as well as nuclear, chemical, biological & radiological (NCBR). Limits, deductibles and sublimit amounts are also customizable.
AGCS’s specialist claims team has handled claims from small domestic losses to complex international events. The Terrorism/Political Violence offering is part of the AGCS Crisis Management product range, which provides insurance and services for product recall and contamination, crisis management scenarios and hostile environments, as well as the aforementioned terrorism and political violence.
Beyond covering financial losses, AGCS also offers its clients crisis management assistance services on a 24/7 basis, regardless of location, through its partner company red24.
Allianz Global Corporate & Specialty (AGCS) is the Allianz Group’s dedicated carrier for corporate and specialty insurance business. AGCS provides insurance and risk consultancy across the whole spectrum of specialty, alternative risk transfer and corporate business: marine, aviation (incl. space), energy, engineering, entertainment, financial lines (incl. D&O), liability, mid-corporate and Property insurance (incl. international insurance programs).