Ironshore expands its terrorism programme
Ironshore has increased capacity for its global terrorism & sabotage programme, which protects against diverse risk exposure worldwide, to $300 million.
The terrorism & sabotage product provides a clear definition of what constitutes an act of terrorism, which will serve as the sole determinant of coverage related to event loss, either on a full value or first loss basis.
“An act of terrorism can strike anytime, anywhere and the consequences are devastating,” said Kevin Kelley, chief executive officer of Ironshore. “In today’s world, following such recent acts as the Boston Marathon bombings and the attack on the Kenya mall, terrorists are striking worldwide. Global terrorism insurance coverage is essential.”
The insurance product covers property damage and business interruption resulting from acts of terror. Coverage can be extended to include strikes, riots and civil commotion, as well as loss resulting from malicious damage. Comprehensive coverage also includes incurred losses sustained from defence costs, debris removal expenses, and professional fees.
The insurance coverages are underwritten by Ironshore’s Lloyd’s Pembroke Syndicate 4000. The Syndicate is managed by London-based Pembroke Managing Agency. Pembroke underwrites a portfolio of specialty insurance products and operates in six distinct business lines, including Financial Institutions, Global Property, Professional Lines and Select Specialty Lines.
“Evaluating and covering the risk of war and terror that directly and indirectly impact an organisation’s assets, operations and people have been the recognised hallmark of Lloyd’s of London for over 300 years,” said Quentin Prebble, director of Ironshore’s marine division.
