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War & Terrorism
Price Forbes has considerable experience designing terrorism & political violence insurance programmes, both global and for single territory risk. We pride ourselves on offering bespoke contract wording solutions where necessary for the individual needs and demands of our assureds – providing greater clarity to coverage through clear, unambiguous language. Our brokers and technicians strive to ensure that these wordings continue to provide the broadest coverage in a fast evolving insurance market.
We have a dedicated resource within the Claims team who offer specialist experience for terrorism & political violence claims. Price Forbes has a proven record of claims settlement on terrorism & political violence risks which, by their nature are complex and often in troubled parts of the world. Our knowledge and experience has delivered successful and timely claims settlements.
Coverage
Price Forbes has direct access to all Lloyd’s Syndicates, London, US, European, Asian and Bermudan insurance markets allowing us to achieve the best terms on behalf of our clients and assureds whilst also dealing with the nuances of local compliance and regulation that exist in various territories around the world. We cover:
- Political Violence: war, civil war, strikes, risks, civil commotion, insurrection, coup d’etat
- Terrorism Liability: cover for 3rd party claims for bodily injury and/or property damage
- Business Interruption: expenses incurred in management and recovery and forensic accountants
- Threat Coverage: evacuation or prevention of access, security and PR consultancy costs
TRIPRA versus Stand Alone Terrorism Policies
The Terrorism Insurance Act of 2002 (TRIA) was enacted in November 2002 with the US Government providing reinsurance protection for certified acts of terrorism. This was extended by the Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIPRA) to until the end of 2014 and again, belatedly, in early 2015. Whilst coverage is a simple reflection of that provided by the all risks policy it has been untested and the gaps in coverage make a stand alone terrorism policy a worthwhile alternative.