The world is a dangerous place, and sometimes a very confusing one. Specialist insurer Hiscox has met the challenge of trying to separate outbreaks of “war, terrorism and political violence” as they “become increasingly blurred.”
The Company, which is headquartered in Bermuda, and also operates in the U.S., the Lloyd’s market and the UK, announced the launch of “a combined insurance policy to protect companies against the individual or combined effects of all three.”
Hiscox said the “new comprehensive property cover is especially suitable for large, international organizations 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-inclusive policy is individually tailored to meet particular client circumstances. Hiscox said it 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
An adjunct to the policy allows policy-holders to take advantage of services offered by a leading business risk consultancy, Control Risks. Assuring the services of a competent consulting organization is a common feature of policies dealing with these types of risks, especially Kidnap & Ransom coverage. The goal is to prevent loss events from happening and to minimize their impact when they do.
Through Control Risks Hiscox policy offers 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. Clients can also draw on Hiscox’s expertise in Kidnap and Ransom and Personal Accident to tailor their cover to suit individual needs.”
Stephen Ashwell, War, Terrorism and Political Violence Underwriter at Hiscox, commented: “We live in an increasingly globalized 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. 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.”
Further details of the new product and Control Risks can be found at www.hiscox.com.
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