New combined cover for war, terror and violence by Hiscox

by Richard Kilner

Story link: New combined cover for war, terror and violence by Hiscox

Hiscox has launched a new three-in-one policy to protect companies against the effects of war, terrorism and political violence.

The move has been made as the line between the three dangers becomes ever more ambiguous.

Large, international companies operating in emerging economies will be the main beneficiaries of the comprehensive scheme, which will help dissipate any feeling of uncertainty about areas where such conflicts may be more likely.

The policy covers sabotage, acts of terrorism, rioting, strikes, civil commotion, hostilities (regardless of whether an actual war has been declared), invasion, civil war, rebellion and mutiny and war.

Hiscox’s war, terrorism and political violence underwriter, Stephen Ashwell cited the increasingly globalised marketplace and the corresponding increase in international businesses working in areas that can be prone to instability.

He added that previously, companies had to purchase separate insurance for each eventuality such as war or terrorism, but the new combined policy offered by Hiscox allows comprehensive cover with one policy.

Furthermore, Ashwell has said, the blurred line between terrorism, war and political violence has meant that buying a variety of individual policies could leave a company uninsured due to the ambiguity of the damage suffered, adding to commerical pressures.

Those who take out the combined cover will have access to Control Risks, a business risk consultancy. Jonny Gray, a director at Control Risks, reinforced Ashwell’s assertion that the more prepared a business is the less impact an act of war or terrorism will have.

Policyholders may also be entitled to consultancy on a wide range of areas from security reviews/audits and physical security measures to crisis management planning.