Hiscox launches threat product
Insurer Hiscox has launched a stand-alone threat product, something it says its customers have requested given recent trends.
The product, which is designed to protect businesses against the loss of revenue suffered as a result of a threat or hoax, provides policyholders with advice on risk prevention and indemnity against loss of revenue for the length of time the business is interrupted. This is capped at a $5 million limit per occurrence and $20 million in the annual aggregate.
In addition, specialist risk consultancy Control Risks will provide post-loss risk assessment.
Rather than relying on an incident being declared a terrorist event, the product relies only on the threat of a malicious act or malicious damage and protects businesses if their premises are evacuated, locked down or cordoned off as a result of a threat.
Charles Rawlins, war, terrorism and political violence underwriter within Hiscox London Market, said: “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.”
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