Combined war, terrorism and political violence cover will protect companies against all three
As the lines separating events of war, terrorism and political violence become increasingly blurred, Hiscox has launched a combined insurance policy to protect companies against the individual or combined effects of all three.
The new comprehensive property cover is especially suitable for large, international organisations typically operating in emerging markets, where their business may be more vulnerable to such conflicts, removing any uncertainty should a loss be suffered.
The all-in-one policy, tailored to individual business needs, now covers:
- An act of terrorism and/or sabotage;
- Malicious damage resulting directly from an act of terrorism;
- Riots, strikes, civil commotion;
- Invasion, acts of foreign enemies, hostilities (whether war is declared or not), civil war, rebellion, revolution, coup d’etat, insurrection or mutiny; and
Stephen Ashwell, war, terrorism and political violence underwriter at Hiscox, commented: “We live in an increasingly globalised world with more and more companies operating in unstable territories. In the past, companies have protected themselves by buying individual insurance policies to cover against, for example, terrorism.
“This is still relevant for a lot of companies, but with increasing ambiguity between what defines a loss related to war, terrorism or political violence, there is a danger that a company could find itself uninsured, and therefore facing severe commercial obstacles.
The war, terrorism and political violence cover will also allow policyholders to take advantage of services offered by business risk consultancy Control Risks. In taking out a policy, organisations may be entitled to consultancy across a range of services including comprehensive security audits and reviews, design and implementation of security policies and procedures, physical security measures right through to business continuity planning and crisis management planning and training.
“As an ‘all-in-one’ policy, this cover is designed to remove that uncertainty and allow businesses to operate, secure in the knowledge that their operations are protected.”
Jonny Gray, director, crisis and security consulting, EMEA, at Control Risks added: “The more prepared a business can be, the less impact incidents of terrorism or war will have on their clients or business. Businesses need to put in place a range of preventative measures that suit their profile, location and their business.”