September 23, 2016 by Canadian Underwriter
Ironshore Inc. has introduced a crisis management endorsement for all in-force, stand-alone Terrorism policies as an automatic extension so that insureds can access crisis response specialists following an act of terrorism or an active shooter event at an insured location within the United States.
The crisis management coverage feature is as an extension of the Bermuda-based insurer’s Terrorism & Sabotage program, notes a company statement.
“Sudden tragedies, notably active shooter incidents and lone wolf attacks, have raised our recognition of the need for management to deploy crisis management services supported by meaningful insurance coverage protection,” James Dover, Ironshore’s senior vice president, War & Sabotage, says in the statement.
Related: Shift in terrorist tactics, targets in the West demands change in attitude
The Terrorism Crisis Threesixty endorsement – which provides third-party reimbursement for crisis management services and fees, with limits of up to $100,000 per occurrence – will be added, without additional cost, to all in-force stand-alone Terrorism policies.
The endorsement provides 24/7 access to Ironshore notification resources.
“Coverage will advance costs for professional fees and expenses incurred by an approved crisis management firm. Crisis management services can include on-site control and containment, emotional counseling services, internal and external communications and timely response to national media coverage,” the company statement notes.
As for the Active Shooter Extension, Ironshore reports that it responds to an event where an individual(s) or group of people actively engage in killing or attempting to kill individuals in a confined and/or populated area.
The extension protects against losses related to property damage and business interruption, including denial of access, as well as liability cover related to an active shooter event.
The Terrorism & Sabotage cover and Active Shooter endorsement are offered through Ironshore’s Pembroke Managing Agency, underwritten by Lloyd’s Syndicate 4000.
Related: AIR Worldwide expands terrorism model for 28 countries, including Canada
“In today’s world, senseless and random acts of terror erupt on the national stage, placing businesses in a perilous position to effect timely, responsible action,” Dover says. “While a terror attack can occur in minutes, the business implications can be long term.”
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