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Terrorism – are you protected?

Over the past few months there has been no escaping the sad reality of the world we live in today.  Unfortunately stories of terrorist attacks are becoming a regular occurrence – but have you thought about what a terrorist attack could mean to you?

It is our natural instinct to protect our lives however possible but we shouldn’t forget about how terrorism could affect our belongings and investments. You may think that you and your business are protected by your insurance as standard when it comes to this type of risk, but many people are not aware that terrorism cover usually comes as an optional add-on to your insurance policy.

Following the 9/11 attack 16 years ago, whereby insurers are reported to have paid out a record $32 billion in claims, insurers started to restrict terrorism cover by introducing a specific exclusion in their policy wordings. This does vary between insurers but typically excludes ‘any loss, damage, liability, cost or expense of any kind directly or indirectly caused by, resulting from or in connection with, any act of terrorism’.

Whether this relates to your business or personal insurance, it is now your responsibility to cover yourself against the unforeseen risk of terrorism. You may suffer damage to your buildings and/or contents, not forgetting the disturbance it may cause to your business, also known as ‘business interruption’.

If your property has a mortgage it is important to check if you are required to have terrorism cover. Many lenders often make this imperative in the agreement and if not adhered to you would not only be uninsured but also in breach of the contract.

You can protect your property at an economical cost, so please feel free to ask us for a no obligation quotation or for any further advice.

By Molly White – Commercial Account Handler

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