The new era of international terrorism has brought with it a previously inconceivable scale of threat and loss potential
Terrorism can now be considered a consistent threat to business. Whilst terrorist activity is not a new phenomenon, for both businesses and insurers, past events no longer provide a guide to the potential scale of future events.
Insurers can no longer provide automatic cover for business assets or loss of profits as part of their standard policy cover, although additional cover can be purchased. Contractors should consider whether their site location presents a Terrorism risk.
Terrorism cover is automatically written out of all commercial property, construction and loss of profits insurance policies. You may consider the risk too remote for your business, but you do need to assess the risk and whether you need to bring the cover back into your property and loss of profits arrangements.
- Business location
- Contract Site location
- Proximity to potential terrorist targets
- Business continuity planning