A Bermuda-based insurance company announced yesterday that it is expanding the terrorism and sabotage coverage it offers.
Ironshore said that it would boost its insurance capacity for terrorism and sabotage coverage to BMD400m, BMD25m more than the previous coverage of BMD375m.
Learn more about terrorism insurance here.
The company offers the specialty coverage on a worldwide basis through its Lloyd’s Pembroke Syndicate 4000 platform.
“In today’s increasingly uncertain world, acts of terrorism have impacted businesses worldwide,” said Pembroke Managing Agency director Quentin Prebble. “Terrorism coverage has now become an essential tool for our clients to protect against the devastation and financial loss that frequently follows terrorist attacks.”
Want the latest insurance industry news first? Sign up for our completely free newsletter service now.
“Ironshore recognises that these events, including incidents of civil unrest, are on the rise and as a result we have increased the limit of cover that is available to our clients from a single source to $400 million,” Prebble added.
The company’s terrorism and sabotage cover offers protection against damage to commercial and residential property – including business interruption – resulting from terrorist attacks.
According to a release, the coverage is provided on either a full value or first loss basis. Optional policy extensions can be chosen to cover loss due to malicious damage, strikes, riots and civil commotions.
Related stories:
Liberty Mutual Insurance makes $3 billion acquisition
Global underwriter appoints construction manager for Canadian operations
