It looks like European Property Underwriting Limited (EPUL) wants to cover all the bases.
It was barely six months ago when the managing general agent (MGA) introduced Omnibus – its mid-market commercial property owners’ product that combines components such as core material damage, rent and liability covers with automatic cyber, legal expenses, contract works, as well as employers’ liability and environmental impairment liability. Now the commercial property MGA has added a new terrorism offering to the mix.
For property investors in the UK, the terrorism coverage is included as part of Omnibus, while EPUL is also able to provide the flexible solution across Europe on a stand-alone basis.
EPUL described its latest proposition as a cost-effective alternative to Pool Re, with minimum premium at £25 versus the latter’s £100. The policy features material damage and business interruption coverage for business and property investors’ risks; policy loss limits in return for a rating discount; day-one inflation provisions; as well as alternative residential accommodation at no cost.
“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,” commented EPUL managing director Andrew Whittaker. “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.”
Brokers can use EPUL’s online quote and bind facility, which has a “quick quote” function.
Meanwhile the MGA now enjoys Lloyd’s coverholder status.
“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,” said Whittaker.
