New product to be rolled out worldwide following US launch
CFC Underwriting has launched a new comprehensive terrorism and sabotage (T&S) product, Insurance Times can reveal.
CFC’s new commercial director Neill Cotton said the standalone product would plug the gap in the market where most property insurance policies cover excluded terrorist attacks and the government-backed Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) programme was limited and expensive.
“In response to this growing insurance need, we’ve built a policy that provides broad cover, a simple application process and very competitive pricing,” he said.
T&S covers against political, religious and ideological acts, including damage to property, loss of income and business interruption. The product is currently available in the USA and will be rolled out across other markets.
Total insured values for all buildings under a single declaration are up to $2bn, with a policy limit of up to $100m.
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