Global Terrorism Insurance
The Secretary of the Treasury defines a terrorist act as violence or actions (or threats of action) that are dangerous to people, property or infrastructure made in an effort to persuade or coerce people and influence policies. If such an act occurs, and losses exceed $5 million, then the Secretary of the Treasury certifies the act under the Terrorism Risk Insurance Act (TRIA). Federal reimbursement may be able to cover these insurance claims when an action is certified as terrorism, helping maintain economic stability after an attack.
Property casualty insurance can be provided for terrorism risks involved with daily business functions. Terrorism insurance covers property, liability and financial losses from claims due to acts of terrorism. Global coverage responds to foreign business affairs, which may be exposed to labor and political risks. Coverage can include:
War and Terrorism (TRIA) liability, property and financial
Strike risk and political risk
A business insurance policy does not include terrorism insurance, but your coverage can be extended to protect you in case of a terrorist attack. Terrorism insurance can be a standalone policy or added to an existing insurance policy. The location of your business, the value of your company, assets and property as well as other factors can determine whether your company would benefit from this insurance plan. Please speak with one of our agents to discuss whether a terrorism insurance plan is right for you.
It is nearly impossible to predict terrorist attacks. Some contributing knowledge, such as previous events or social media coverage can help us gather information and prepare. If your business is located in a higher-risk area near an airport or other location, then insurance coverage might be recommended as a precaution. Even if your property does not sustain damage, your business functions may be put on hold. In such cases, your insurance policy may cover any financial losses incurred.
If your assets are exposed to or threatened by terrorism, we can provide information and insurance policy options to minimize your risks and maximize your recovery efforts in the event of a terrorist attack.