Chubb has rolled out insurance cover designed to bridge gaps in traditional terrorism business interruption policies. Lemonade plans to debut pet insurance designed for cats and dogs.
Chubb launched an insurance coverage aimed at bridging gaps in traditional terrorism business interruption policies.
The insurer’s Non Damage Terrorism Solutions is a single policy offering non-damage business interruption, plus employee and customer care assistance as a result of a terrorism loss. In addition, this policy also provides event cancellation coverage following an act or threat of terrorism, and this aspect includes an extension for war.
Conventional terrorism policies typically provide cover for physical damage only and resultant business interruption. Chubb said its Non Damage Terrorism Solutions has been developed in response to client feedback and is designed to meet the needs of businesses that find their ability to trade impacted as a result of a terrorist incident, even though there is no physical damage. For example, if the immediate area around their premises is made inaccessible for security reasons.
Chubb’s Non Damage Terrorism Solutions is available to businesses of all sizes and in most locations around the world. The policy is particularly aimed at retailers, hotels, financial institutions, the entertainment and events sector, transport and infrastructure.
According to Piers Gregory, head of Terrorism and Political Violence, Chubb, the product not only covers the insured’s property but also the surrounding area that might prevent employee or customer access.
InsurTech startup Lemonade plans to debut pet insurance later this year.
Early registration is now open, and Lemonade’s pet insurance is expected to launch within a few months, pending regulatory approval.
Lemonade said the new insurance product, designed exclusively for cats and dogs, will be based on the same principles as the company’s homeowners and renters products: a hassle-free digital experience with lightning-fast claim payments, best-in-class customer service and a donation of leftover premium to charitable causes chosen by customers.
Shai Wininger, Lemonade’s COO and co-founder, said the new coverage is designed to be affordable and accessible. He added that many at the company, including himself, “are devoted pet parents.”
Sources: Chubb and Lemonade