London MGA EPUL launches alternative to Pool Re terror cover
London-based commercial property MGA, European Property Underwriting (EPUL), has launched a flexible UK and Northern Ireland terrorism solution offering cost-effective cover as an alternative to Pool Re.
Pool Re is a mutual reinsurer that provides terrorism cover for commercial property in the United Kingdom.
EPUL’s stand-alone terrorism policy will provide material damage and business interruption coverage for business and property investors’ risks, with an option for insureds to select the properties they wish to cover. Policy loss limits are also available in return for a rating discount.
According to the statement, EPUL is offering a minimum premium of £25 compared to £100 under Pool Re. The cover also includes day-one inflation provisions and alternative residential accommodation without any additional charge.
EPUL brokers can use the MGA’s online quote and bind facility and have access to a “Quick Quote” service that will enable them to obtain an indictive pricing using a postcode and sums insured.
“Facing an evolving and ever-present terrorism threat, it is perhaps the smaller businesses and property portfolios that potentially have most to lose in a terror attack," said Andrew Whittaker, managing director of EPUL.
"In recognising the need for the terrorism insurance market to respond to the requirements of these clients, we have employed the expertise and capabilities available within the Lloyd’s market to develop a responsive and cost-effective material damage and business interruption solution.”
The launch of the terrorism cover follows EPUL being granted Lloyd’s Coverholder status. Whittaker commented: “This is an important development and enables EPUL to continue expanding the range of products we can offer beyond what is generally available in the composite property investors’ insurance market.”
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