Bermuda’s Ironshore announces increase to $300m for global terror coverage
Bermuda's Ironshore announced that its global Terrorism & Sabotage programme to protect against diverse risk exposure worldwide has increased capacity to up to $300 million.
CEO Kevin H. Kelley said: “In today's world, following such recent acts as the Boston Marathon bombings and the attack on the Kenya mall, terrorists are striking worldwide. Global terrorism insurance coverage is essential.”
The insurance coverages are underwritten by Ironshore's Lloyd's Pembroke Syndicate 4000 by the agency's team with expertise in offering protection for complex, high profile acts of terrorism.
“The Terrorism & Sabotage product sets forth a clear definition of what constitutes an Act of Terrorism, which will serve as the sole determinant of coverage related to event loss, either on a full value or first loss basis,” Ironshore said.
“Ironshore's insurance solution is distinct from TRIPRA in its response to terrorist acts, regardless of where the event takes place.
“The insurance product covers Property Damage and Business Interruption resulting from acts of terror.
“Coverage can be extended to include Strikes, Riots and Civil Commotion, as well as loss resulting from Malicious Damage. Comprehensive coverage also includes incurred losses sustained from defence costs, debris removal expenses, and professional fees.”