CFC Underwriting, London-based cyber risk specialist MGA, has introduced a new terrorism and sabotage (T&S) product to provide coverage against terrorist attacks.
The newly launched standalone product is designed to provide coverage against political, religious and ideological acts, which include damage to property, loss of income and business interruption, as reported by InsuranceTimes.co.uk.
CFC Underwriting’s new commercial director Neill Cotton was quoted by the news agency as saying that the product will fill the gap left in the market areas having property insurance policies without coverage for terrorist attacks and where the Government-backed TRIPRA program is limited and expensive.
”In response to this growing insurance need, we’ve built a policy that provides broad cover, a simple application process and very competitive pricing,” Cotton added.
Currently available in the US, the T&S solution offers total insured values for all buildings under a single declaration of up to $2bn, with a policy limit of up to $100m.
The product is expected to be rolled out in other markets in the near future.
CFC Underwriting is a provider of insurance solutions for small and medium-sized enterprises (SMEs) in 50 countries worldwide.