New offering covers losses from a chemical and biological attack
Catlin Group’s London-based underwriting subsidiaries have launched a new terrorism insurance product.
The new product includes unique crisis response services and coverage for chemical, biological, radiological and nuclear losses (CBRN).
The ‘UK Asymmetric’ product, which is underwritten by the Catlin Syndicate at Lloyd’s and Catlin UK, includes comprehensive coverage of property damage, business interruption, general and employers’ liability, clean-up costs and consultancy expenses arising from an act of CBRN terrorism or a terrorist threat.
The Catlin Group started CBRN coverages in 2006.
UK Asymmetric includes pre-incident support and post-incident response services provided by SecureBio, a UK-based firm that specialises in providing high-security solutions delivered by experienced CBRN experts.
The unique services that can be provided by SecureBio include:
- reviews of CBRN resilience plans;
- crisis response training;
- quarterly threat intelligence updates;
- rapid post-incident response, including field testing of contaminated sites;
- clean-up and decontamination management; and
- liaison with government authorities.
The policy covers contamination by ‘chemical weapons’ and contamination caused by legitimate but toxic chemicals that can be used in a terrorist attack.
Will Farmer, a Catlin underwriter specialising in terrorism insurance, said: “The UK Asymmetric product is a unique solution for assureds that goes far beyond current terrorism insurance offerings, either from state-backed terrorism pools or private insurers. Catlin’s partnership with SecureBio is key to this product. SecureBio is a pioneer in this field with a highly experienced team of operators and has a proven track record in dealing with CBRN incidents.”