October 17, 2017 by Canadian Underwriter
Now available from Frank Cowan Company is a new suite of products designed to help municipalities and public services organizations address the terrorism risk they face and transfer some of that risk via the insurance product.
Partnering with XL Catlin Syndicate 2003 at Lloyd’s – which writes a full range of property, casualty, marine, aviation and other specialty coverages, including terrorism risk solutions – the suite for terrorism coverage became available to public entities and specialty organizations country-wide on Monday, Frank Cowan reports.
The company notes in a statement Tuesday that the suite provides clients the option of selecting one or a combination of the following:
“Managing terrorism risk today requires a multitude of strategies to protect people, property, reputation and finances,” notes a release from Frank Cowan, which provides specialized insurance programs, including risk management and claims services for municipalities and public service, healthcare, education, community and children’s and social service entities across the country.
“The changing pattern of terrorism risk has some organizations questioning whether they are adequately insured,” the statement goes on to say.
The Canadian Incident Database – provided by TSAS, the Canadian network for research on terrorism, security and society – reports there have been 1,415 such incidents from 1960 through 2015, with Canadian targets amounting to 1,264 of those.
“Anyone watching the news can understand why municipalities and organizations such as health units and schools would want to explore terrorism coverage,” Larry Ryan, president of Frank Cowan, says in the statement.
Pointing out that it is difficult “to predict where vulnerabilities can occur from one month to the next,” Ryan adds the new product suite is meant to help “transfer some of that risk via an insurance product.”