Pen Underwriting has launched a new standalone e-traded terrorism covergae – aimed at UK businesses and property owners.
According to the firm, the soloution has been tailored to cover “realistic scenarios based on a broad definition of terrorism”, and can be traded in multiple ways to best suit brokers and their clients.
It is currently live and trading on cloud based insurance platform Acturis, and is able to be underwritten on a transactional basis – the e-trade launch on Pen’s Portal is to follow in March.
Simon Perry, head of London real estate at Pen Underwriting who has led the development of its tailored terrorism solutions, said: “To maximise the value of our terrorism solution to UK businesses and property owners we stripped back to basics our current proposition and rebuilt it from the ground up for the multiple distribution channels that we support.
“The nature and impact of terrorism incidents has evolved over time and we wanted to ensure that we continued to protect businesses that were both directly and indirectly affected by an incident as well as help them manage the impact of those losses, such as through brand rehabilitation.”
He added: “It’s all about creating a policy that’s likely to respond in the first place and then providing the critical coverage that businesses really need.”