MGA’s product available online.
European Property Underwriting has launched a UK and Northern Ireland terrorism policy which it claimed is an alternative to Pool Re.
The commercial property managing general agent’s standalone terrorism product provides material damage and business interruption coverage for business and property investors’ risks.
Clients can choose the properties and policy limits they wish to cover.
The firm flagged that its offering comes with a minimum premium of £25 citing that the Pool Re minimum is £100.
Threat
According to the business, brokers can use its online quote and bind facility and have access to a “Quick Quote” service that enables them to obtain an indicative pricing using just a postcode and sums insured.
Managing director Andrew Whittaker said: “Facing an evolving and ever-present terrorism threat, it is perhaps the smaller businesses and property portfolios that potentially have most to lose in a terror attack.
“In recognising the need for the terrorism insurance market to respond to the requirements of these clients, we have employed the expertise and capabilities available within the Lloyd’s market to develop a responsive and cost-effective material damage and business interruption solution.”
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