XL Group has come out with insurance coverage for chemical, biological, radiological and nuclear events.
The insurer’s crisis management team is handling the rollout as it did earlier in December with a standalone terrorism insurance policy meant to cover gaps left in the absence of the Terrorism Risk Insurance Act, or TRIA. TRIA expires on Dec. 31 after Congress failed to renew it.
XL Group’s new coverage for chemical, biological, radiological and nuclear incidents will be written at Lloyd’s of London. The target market: transportation, retail and leisure industries.
XL Group Chief Underwriting Officer Stephen Ashwell said in a new statement that the coverage “goes beyond anything previously available in the insurance market.”
He explained that the new coverage triggers “when a perpetrator has a malicious intent,” rather than kicking in using a narrow definition of a terrorism event. As well, Ashell noted, the policy does not contain any distance restrictions.
As XL Group noted, such a policy comes even as concerns have grown over risks concerning chemical, biological, radiological and nuclear weapons.
Source: XL Group