Talbot Underwriting has launched the only Lloyd’s-led consortium for nuclear, biological, chemical and radiological (NBCR) terrorism.
The underwriting firm unveiled the consortium in response to market demands for unique and challenging coverage. The facility will allow brokers to fully bind through one underwriter, with Talbot as the lead member.
Talbot will lead the consortium while firms Ariel Re, AXIS,
Barbican,
Brit and
Liberty Specialty Markets will also provide capacity.
The consortium will write NBCR risks up to US$50 million, offering cover for property damage, business interruption, and liability. This is a significant line in a market with limited capacity.
“The increasing risk of NBCR terrorist attacks is driving demand for cover across the market,” said Steven Tebbutt, global practice leader for political violence at Talbot.
“It is important that insurers can offer clients cover against a wide range of political violence perils,” he added. “The significant limit offered through the consortium will give meaningful cover against the losses businesses could incur in such an event.”
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