NEW YORK, Dec. 14, 2016 /PRNewswire/ -- XL Catlin's
insurance operation's today announced it has launched its Active
Assailant, Loss of Attraction and Threat (ALT) insurance solution
which responds to the impact of terrorism or an active
assailant attack or the threat of an attack on the operations of
businesses and public service providers.
Commenting, Stephen Ashwell, XL
Catlin's Chief Underwriting Officer for Crisis Management said: "We
are constantly evaluating our coverages and looking for ways our
solutions can evolve. Unfortunately, the methods attackers use are
changing and while there are several coverages available in the
market already, many do not address the broad range of issues and
impacts associated with these events. Our solution seeks to address
this with significant capacity of USD
35m for Active Assailant and USD
25m for Loss of Attraction and Threat."
There are three components which make up the ALT solution:
- Active Assailant – for when a physical attack results in injury
to people at the affected location, business interruption and
property damage. Here the solution covers medical and counselling
expenses, damage to property and business interruption costs.
Additionally the solution covers expenses for closure of premises,
denial of access and relocation costs as well as public relations
fees.
- Loss of Attraction – for when an attack occurs within 1km of
the insured premises or at a pre specified attraction, causing loss
of profit without any property damage to the insured
premises.
- Threat – for when a threat of a malicious act to cause damage
to people or property at an insured location has a knock on effect
on the operations of the insured. Here the solution provides
business interruption and security costs.
The solution is underwritten out of the UK, U.S. and
Singapore, and includes access to
leading specialist risk and business intelligence consultancy S-RM.
The firm helps clients to evaluate their security risks and
identify the most effective way to address them.
About XL Catlin's Insurance Operations
XL Catlin insurance companies offer property, casualty,
professional, financial lines and specialty insurance products
globally. Businesses that are moving the world forward choose XL
Catlin as their partner. To learn more,
visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group
Ltd's (NYSE:XL) insurance and reinsurance companies which
provide property, casualty, professional and specialty products to
industrial, commercial and professional firms, insurance companies
and other enterprises throughout the world. Clients look to
XL Catlin for answers to their most complex risks and to help move
their world forward. To learn more, visit xlcatlin.com.
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SOURCE XL Catlin