Hiscox said it has beefed up its terrorism coverage, with an eye on addressing nuclear, chemical or biological threats.
The specialist insurer also noted it provides the coverage, including policies that address other politically violent activities, without requiring government certification of a terrorist attack. Hiscox’s capacity in this regard is also independent of the U.S.-based Terrorism Risk Insurance Reauthorization Act, or TRIPRA.
“The threat of attacks utilizing chemical and biological weapons from terrorist groups like ISIS is substantial and increasing,” Jennifer Rubin, Hiscox Global Practice Group Head – War, Terrorism & Political Violence, said in prepared remarks. “It’s important that organizations are covered for related losses and business interruption costs from potential attacks.”
Specifically, the specialty insurer added new products to its stand-alone terrorism portfolio that address property damage due to nuclear, chemical, biological and radiological device-related malicious attacks.
These policies offer coverage of up to $25 million for blast damage, decontamination and cleanup costs, Hiscox said, including lost income due to related government actions.
In a related move, Hiscox said it recently introduced coverage for Threat of a Malicious Act, which protects businesses against threats of malicious acts that can cause business disruptions and sales revenue losses.
For the new coverages, Hiscox policyholders get access to risks advisory services both before and after incidents, with the idea of reducing their total risks. The service comes from an outside global risk consultancy known as Control Risks, which partners with Hiscox to offer clients custom service on how to prepare for, prevent and minimize the risk of malicious acts.