Terrorism insurance for vehicle fleet owners
XL Catlin’s insurance operations has launched Auto Terror Protect — an insurance solution for companies with fleets of vehicles which could be used as a weapon in a terrorist attack.
It is aimed at fleet operators, vehicle rental companies, haulage and logistics companies, works as a contingent umbrella cover that wraps around any existing motor and third-party liability policies. With capacity of up to $25 million for any one risk, it provides cover for third parties and employees who may be injured in a terrorist attack, as well as first-party property damage for the vehicle and any goods in transit.
A range of coverages designed to help respond to an incident are also provided, including medical expenses, counselling, psychiatric care costs, as well as security and public relations costs.
Mark Steddon, senior underwriter, terrorism and political violence at XL Catlin, said: “In recent years, we have seen a shift in the tactics used by terrorists, with vehicles being used increasingly to cause casualties. The devastating effect of these attacks has led to increasingly complex liability exposures for companies with vehicles.”
He added: “As the risk increased and some insurers have restricted terrorism coverage where possible, many companies have been left exposed. Using our extensive knowledge and expertise in terrorism insurance and crisis management, we have created Auto Terror Protect to help these companies deal with the aftermath of such incidents, helping them meet their duty of care responsibilities.”