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XL Catlin doubles liability limits for terrorism insurance policy


XL Catlin’s crisis management business has enhanced its standalone terrorism insurance coverage to help US businesses and public entities address increased terrorism and active assailant threats.
The underwriter has doubled available liability limits for its standalone terrorism insurance policy to $200 million. Its standalone terrorism insurance policy was first introduced in 2014 with limits of liability up to $100 million to help US businesses address potential insurance coverage gaps provided by the federal Terrorism Risk Insurance Program Reauthorization Act (TRIPRA). 
XL Catlin has also unveiled its active assailant coverage solution, which has liability limits up to $35 million to address the shortfall in TRIPRA and to enhance its current standalone terrorism property policies.
As well as providing standard property damage coverage, active assailant coverage also provides coverage for time element, including a determination by authorities that the Insured’s operations have to cease at their current location. 
Time element coverage can be extended to include ingress/egress and civil and military authority coverage, which occurs when access and/or use of facilities is either impaired or prohibited for a period of time following an active assailant event. The new endorsement also provides enhanced extra expense coverage, which may include expenditures related to public relations assistance, relocation, counselling and/ or psychiatric care, medical expenses, additional security and job retraining.
Ben Tucker, head of US terrorism and political violence, XL Catlin, said: “A string of attacks in cities, and schools worldwide has prompted many companies and communities to reconsider the type of events to which they could be exposed and what the repercussions could be for them. 
“They are taking additional precautions and are looking for more financial protection to properly handle such events and we’re making available insurance protection that is relevant to the evolving risk environment.” 
Tucker added: “Unlike most terrorism coverage which can only be triggered by property damage, this coverage also offers time element coverage due to bodily injury or death – as well as physical damage.
He also said the product helps businesses and public entities mitigate the financial and reputational risks associated with an active assailant event, which do not have to be necessarily ideological, political, or religiously motivated terrorism events, but can be premeditated physical attacks.”

XL Catlin, Ben Tucker, Crisis Management, Terrorism Insurance, North America

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