Considering how costly terror attacks can be, the losses arising from them could cost well into the millions. Due to their increasing prevalence, terrorism cover can be incredibly valuable should you find your event being targeted.
Terrorism cover is an additional insurance policy that can protect against potential losses and liabilities that may occur due to terrorist related activities.
Our standard event insurance policies alone do not cover losses or damage sustained from the result of a terror attack, this means that should you be caught up in the position where your event has been a target, you could find yourself having to cover the cost of renovations and repairs. Terrorism cover is an additional level of cover that can be added to your cancellation policy. However, this cover is only offered to Beazley clients, and is not a standard cover.
What is covered?
There are many cover level options available that cover different circumstances of terrorism.
UK Pool Re Terrorism
This level of cover is offered to events being held in Great Britain and whose policy owner is located in Great Britain. This cover is split into two different levels; part 1 covers for an act of terrorism resulting in property damage whether assured by the policy owner or not which has resulted in their event being cancelled. Part 2 covers the event if there has been no property damage but a terrorist attack has happened within 50 days of the event and within 50 miles of the event which may have caused the policy owner’s event to be cancelled.
Time & Distance Terrorism
This covers for the direct result of terrorism which occurs at the venue or within 50 miles of the venue and within 50 days of the event. This also covers threat of terrorism confirmed by local/national governmental authorities or security services, as having appeared to pose real risk of physical loss or bodily injury to those attending the event had it proceeded. This also must occur within 50 days of the event.
This ultimately covers any loss from terrorism or threat of terrorism if the client can demonstrate that cancelling the event was necessary and justifiable. This does not cover however fear of potential terrorism or any terrorism involving nuclear weapon, device or the emission, discharge, dispersal, release or escape of any chemical or biological agent.
As will all types of cover, terrorism insurance is formulated to support you when the unexpected happens, meaning you won’t have to deal with a scenario that you cannot afford by yourself. Although terrorism cover may appear unnecessary, we can never predict what the future may hold. If you want to make sure that your event is protected to the highest possible level, we recommend you add terrorism cover to your policy today.