According to Mark Steddon, senior underwriter, Terrorism & Political Violence at XL Catlin, the use of vehicles by terrorists to cause casualties is increasing and some insurers have restricted terrorism coverage where possible, leaving many companies exposed.
The Auto Terror Protect was designed to help companies deal with the aftermath of such incidents, and help them meet their duty of care responsibilities.
The new Auto Terror Protect aimed at fleet operators, vehicle rental companies, haulage and logistics companies, works as a contingent umbrella cover that wraps around any existing motor and third-party liability policies. With capacity of up to $25 million for any one risk, it provides cover for third parties and employees who may be injured in a terrorist attack, as well as first-party property damage for the vehicle and any goods in transit.
A range of coverages designed to help respond to an incident are also provided. These include medical expenses, counselling and/or psychiatric care costs, as well as security and public relations costs.
XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally.