LONDON, Jan. 31, 2020 /PRNewswire/ -- Chubb has today launched a unique insurance solution aimed at bridging gaps in traditional terrorism business interruption policies.
Chubb'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's Non Damage Terrorism Solutions has been developed in response to client feedback and is designed to meet the needs of businesses which 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, entertainment and events sector, transport and infrastructure.
Piers Gregory, Head of Terrorism and Political Violence, Chubb, said:
"We have seen a number of major terrorist incidents in recent years which have had an impact on businesses even though they did not suffer actual physical damage. These would not be covered by conventional terrorism products.
"Chubb's Non Damage Terrorism Solutions not only covers the insured's property but also the surrounding area which might prevent employee or customer access. The additional standalone capability for event cancellation following war and terrorism further strengthens the unique capabilities of our solutions."
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 30,000 people worldwide. Additional information can be found at: chubb.com/uk