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TT terrorism coverage
01 Mar 2007
In a bid to address one of the biggest threats to maritime trade and one widely feared by terminal operators, the TT Club now offers cover for nuclear and bio-chemical terrorism. This the Club describes as an “industry-leading initiative that recognises and responds to demands from the industry that it insures.
“Concerns have been expressed within the industry regarding the potential security threat presented by the risk of such attacks on the international transport infrastructure,” commented Brian Wood, TT Club’s underwriting director, at the time the policy was introduced. He added:“The Club is always looking for options to improve the way in which its members’ risk exposure can be managed and this pooling arrangement is a good example of finding a mutual solution to a common concern.”
The cover offered is both comprehensive and flexible addressing both direct and indirect business interruption and liabilities, such as a Club member suffering delays in the movement of goods through the closure of a third-party plant or terminal due to bio-chemical or nuclear terrorism anywhere in the world. In addition, the cover also encompasses physical loss and relevant liabilities generated through either events that involve actual damage caused by an incident or device,or when an incident happens, or when a device is found, causing major trade disruption but no physical damage.
The policy includes a number of limit options with a $25m maximum coverage for any one incident per member company and a $5m maximum for any single indirect business interruption.
