XL Group’s crisis management team has launched a new product covering chemical, biological, radiological & nuclear events.
The use of chemical, biological, radiological and nuclear weapons is a growing concern worldwide. Deployment of these weapons would have a devastating impact, potentially causing damage and interruption to businesses a significant distance away from their release, the company said.
Stephen Ashwell, chief underwriting officer, Crisis Management, said the new product goes beyond anything previously available in the insurance market.
Ashwell said: “We have really raised the bar with this product. In the past policies would only respond using a narrow definition of a terrorism event, but our coverage is triggered when a perpetrator has malicious intent, so it eliminates the grey area between the characterisation of a terrorist, an activist, or extremist. Essentially it’s not about who committed the act, its just that it wasn’t an accident.
“Further, and importantly, it has been standard practice to limit the geographical area covered from the site of the attack, but our policy has no distance restrictions meaning if our clients are affected, they are covered no matter how far away.
“Additionally clients have access to our retained consultancy, the Salamanca Group who provide tailored consultancy support for pre-loss planning and post-loss business continuity services as well as a 24/7 helpline.”
XL Group, Stephen Ashwell, Insurance, Europe