Arch Insurance (UK) has launched a new terrorism insurance product for the UK regional market which includes brand rehabilitation costs to help companies to accelerate their return to business in the aftermath of an event.
Coverage is also provided for increasingly significant areas of loss and emerging risks, such as expanding the range of actors to include lone-wolf operators and activists.
The cover is available as either a standalone policy or as an integrated component of an existing programme.
The new offering provides an expansive range of coverage as standard, including prevention of access – damage and non-damage, loss of attraction, specified and unspecified customers and suppliers, and full failure of utilities.
Arch has more than 10 years’ experience within the terrorism market and said it has invested significant time and resources, working closely with both brokers and insureds, to develop a product that is relevant to the modern-day terrorism landscape.
The coverage is designed for small and medium-sized companies in the UK market.
Arch said the product also benefits from enhanced customisation allowing tailored coverage to fit the unique risk profile of individual insureds.
Commenting on the product, Stuart Danskin, director of underwriting for Arch UK’s regional division said: “Recent incidents have shown how quickly the terrorism threat level can escalate and how difficult it can be to predict where and when businesses will be impacted.
“This has exposed shortfalls, with insureds often facing coverage gaps at the times when they need it most. Through our new product, we can provide our customers with relevant coverage that is flexible and adaptable to their specific requirements.”
Arch’s launch comes hot on the heels of recent comments by John Glen, the Economic Secretary to the Treasury, who suggested that finding ways in which SMEs can be encouraged to take up terrorism insurance will be crucial for the UK market in the coming years.
Glen was speaking as part of the Pool Re’s livestream event, Guaranteeing Great Britain: Managing Terrorism Risk & Building Resilience.
At the event, Glen also referenced the recently established governmental review of the Pool Re scheme which is expected to conclude next spring.
He said the review is assessing whether the current balance between public and private risk sharing is right, adding that “we have a duty to the taxpayer to ensure that the existing method of funding is appropriate”.