Arch Insurance launches standalone Terrorism product in UK
Product offers expansive coverage to meet the rapidly evolving demands of terrorism risk
London, 23 November 2020 – Arch Insurance (UK) Limited has today announced the launch of a new terrorism insurance product for the UK regional market. This is available as either a standalone policy or as an integrated component of an existing programme.
The new offering provides an expansive range of coverage as standard, including prevention of access – damage and non-damage, loss of attraction, specified and unspecified customers and suppliers, and full failure of utilities. The product also includes cover, such as brand rehabilitation costs, to help companies to accelerate their return to business as usual in the aftermath of an event.
Arch has more than 10 years’ experience within the terrorism market and has invested significant time and resources, working closely with both brokers and insureds, to develop a product that is relevant to the modern-day terrorism landscape. Coverage is provided for increasingly significant areas of loss and emerging risks, such as expanding the range of actors to include lone-wolf operators and activists.
The coverage is designed for small and medium-sized companies in the UK market. The product also benefits from enhanced customisation allowing tailored coverage to fit the unique risk profile of individual insureds.
Commenting on the product, Stuart Danskin, Director of Underwriting for Arch UK’s Regional Division said: “Recent incidents have shown how quickly the terrorism threat level can escalate and how difficult it can be to predict where and when businesses will be impacted. This has exposed shortfalls, with insureds often facing coverage gaps at the times when they need it most. Through our new product, we can provide our customers with relevant coverage that is flexible and adaptable to their specific requirements.”
Arch Insurance (UK) Limited, terrorism insurance, Danskin
About Arch Insurance (UK) Limited
Arch Insurance (UK) Limited is part of Arch Insurance International and provides specialised commercial property, casualty, motor, professional liability, personal accident and travel insurance solutions through its extended office network across the UK.
Arch Insurance (UK) Limited is authorised and regulated by the Prudential Regulation Authority and regulated by the Financial Conduct Authority.
About Arch Insurance International
Arch Insurance International is part of Arch Capital Group Ltd. and includes Arch Insurance UK and the P&C insurance operations of Arch Insurance (EU) dac, as well as Arch’s insurance operations in Europe, Bermuda and Australia.
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a Bermuda-based company with approximately $15.2 billion in capital at September 30, 2020 provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.
Cautionary Note Regarding Forward-looking Statements
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward−looking statements. This release or any other written or oral statements made by or on behalf of Arch Capital Group Ltd. and its subsidiaries may include forward−looking statements, which reflect our current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this release are forward−looking statements.
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The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included herein or elsewhere. All subsequent written and oral forward−looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. The Company undertakes no obligation to publicly update or revise any forward−looking statement, whether as a result of new information, future events or otherwise.
Source: Arch Insurance (UK) Ltd.
Head of Marketing and Communications, Arch Insurance International
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