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Catlin introduces new terrorism product

Catlin Group’s London-based underwriting subsidiaries have launched a new terrorism insurance product.

The specialty property and casualty insurer and reinsurer, which began underwriting insurance covering chemical, biological, radiological and nuclear losses (CBRN) in 2006, says the new offering will also cover unique crisis response services.

The ‘UK Asymmetric’ product, underwritten by the Catlin Syndicate at Lloyd’s and Catlin UK, includes comprehensive coverage of property damage, business interruption, general and employers’ liability, clean-up costs and consultancy expenses arising from an act of CBRN terrorism or a terrorist threat.

UK Asymmetric includes pre-incident support and post-incident response services provided by SecureBio, a UK-based firm manned by highly trained ex-UK Military and Police specialists. The company specialises in providing high-security solutions delivered by experienced CBRN experts.

The unique services that can be provided by SecureBio include reviews of CBRN resilience plans, crisis response training, quarterly threat intelligence updates, rapid post-incident response, clean-up and decontamination management and liaison with government authorities.

“The UK Asymmetric product is a unique solution for assureds that goes far beyond current terrorism insurance offerings, either from state-backed terrorism pools or private insurers,” said Will Farmer, a Catlin underwriter specialising in terrorism insurance.

“Catlin’s partnership with SecureBio is key to this product. SecureBio is a pioneer in this field with a highly experienced team of operators and has a proven track record in dealing with CBRN incidents.”

While the broadest coverage is currently only available for UK-based risks, the company says variations of the product are available to assureds worldwide.

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Published January 24, 2013 at 8:00 am (Updated January 23, 2013 at 9:50 pm)

Catlin introduces new terrorism product

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