XL Catlin said it has boosted available terrorism insurance coverage units by 25 percent in an effort to keep up with demand.

Limits are now at $250 million, up from $200 million, the insurer and reinsurance giant said.

“Terrorism events in every corner of the world are prompting businesses worldwide to take a hard look at the risk that terrorism poses to their property and operations,” Ben Tucker, XL Catlin’s head of U.S. terrorism and political violence insurance, said in prepared remarks. “They are looking for higher levels of financial protection to meet increased terrorism concerns and with this increase, we’re better equipped to meet more of their coverage needs.”

XL Catlin’s standalone Terrorism insurance policy helps U.S. businesses address potential insurance coverage gaps provided by the federal Terrorism Risk Insurance Program Reauthorization Act (TRIPRA). XL Catlin’s terrorism insurance coverage includes:

• Coverage for direct physical loss or damage and resulting business interruption;
• Terrorism liability/general liability for bodily injury and/or physical damage resulting from an act of terrorism;
• A broad definition of terrorism including coverage for acts perpetrated for political, religious and/or ideological purposes;

There are also options to add insurance for chemical, biological, radiological & nuclear events; active assailant insurance vents and threat of terrorism. AS well, Catlin provides standalone terrorism policyholders with access to S-RM, a global business intelligence, risk management and cyber security firm that offers custom consultancy report for pre-loss planning and post-loss business continuity services.

XL Catlin doubled its available limits for standalone terrorism coverage a little over a year ago, a move it said was a market response to new attacks in cities and schools.

Source: XL Catlin