Ironshore Inc. announced Monday that $300 million of capacity is now available through its global terrorism and sabotage program underwritten by Ironshore’s Lloyd’s Pembroke Syndicate 4000.
Indicating that the program protects against diverse risk exposure worldwide, Ironshore contends that its terror product sets forth a clear definition of what constitutes an Act of Terrorism, which will serve as the sole determinant of coverage related to event loss, either on a full value or first-loss basis.
Ironshore’s insurance solution is distinct from TRIPRA in its response to terrorist acts, regardless of where the event takes place, the company said.
Ironshore said its product covers property damage and business interruption resulting from acts of terror, and that coverage can be extended to include strikes, riots and civil commotion, as well as loss resulting from malicious damage.
The coverage also includes incurred losses sustained from defense costs, debris removal expenses, and professional fees.