Terrorism Insurance – For Business and Property
What is terrorism insurance?
Terrorism insurance is a type of policy that can be purchased by property owners, either for private or commercial purposes. It covers any potential loss or liability that may arise due to activities carried out by terrorist groups.
Considering how costly terror attacks can be – the losses arising from them tend to cost well into the millions, if not billions – as well as their increasing prevalence, such policies can be incredibly useful should you find your business or property affected by such a terrible atrocity.
Why is it important to have terrorism insurance?
As we explained above, standard property insurance policies do not cover losses or damage sustained as a result of terror attacks or acts of war. This means that should you be caught up in one of these rare yet devastating events, you could find yourself left to cover the cost of renovations and repairs yourself.
It is therefore especially important for those who live near potential targets, whether this is a government building, famous landmark, or major transport hub. With a solid policy in place, you’ll know that should the worst happen, you will not be left liable for any damage that results.
What sort of scenario will terrorism insurance protect me against?
We’ve made it clear above that standard property insurance policies will not protect you from any damage caused by a terrorist attack or act of war, but you may still wish to know exactly what risks this unique cover can safeguard you against.
Scenarios include:
• Damage to any property you own as a result of an explosion or attack.
• Losses incurred as the result of a forced evacuation (because of a ‘dirty bomb’, for example).
• Damage caused by a police raid on your property related to terrorism (for example, an occupying tenant in a block of flats that you own being raided as a suspect).
As with all types of insurance, terror cover is formulated to step into the breach when the unexpected happens and to stop you from having to deal with a scenario you can ill afford by yourself. Although it may seem unnecessary, we never can know what the future holds, so if you want to ensure that you’re as well protected as possible, we really do recommend that you purchase it today.
