London-based underwriting subsidiaries of Catlin Group says it has have introduced a new terrorism insurance product that includes unique crisis response services as well as coverage for chemical, biological, radiological and nuclear (CBRN) losses.
Underwritten by the Catlin Syndicate at Lloyd’s and Catlin UK (Catlin Insurance Company Ltd.), the "UK Asymmetric" product, includes comprehensive coverage of property damage, business interruption, general and employers’ liability, clean-up costs and consultancy expenses arising from an act of CBRN terrorism or a threat thereof.
The Catlin Group, an international specialty P&C insurer and reinsurer, is a pioneer in underwriting insurance covering CBRN events, having introduced such coverages in 2006.
UK Asymmetric includes pre-incident support and post-incident response services provided by SecureBio, a UK-based firm that specialises in providing high-security solutions delivered by experienced CBRN experts. SecureBio's services includes: reviews of CBRN resilience plans; crisis response training; quarterly threat intelligence updates; rapid post-incident response, including field testing of contaminated sites; clean-up and decontamination management; and liaison with government authorities.
The policy covers contamination by chemical weapons as well as contamination caused by legitimate but toxic chemicals that can be used in a terrorist attack. The broadest coverage is currently only available for UK-domiciled risks. However, variations of the product are available to assureds worldwide.
Will Farmer, a Catlin underwriter specialising in terrorism insurance, said:
“The UK Asymmetric product is a unique solution for assureds that goes far beyond current terrorism insurance offerings, either from state-backed terrorism pools or private insurers. Catlin’s partnership with SecureBio is key to this product. SecureBio is a pioneer in this field with a highly experienced team of operators and has a proven track record in dealing with CBRN incidents.”
SecureBio is a global pioneer in CBRN response. Led by an acknowledged global CBRN expert, manned exclusively by highly trained and experienced ex-UK military and police specialists, and backed up by world-leading CBRN research from Cranfield University, SecureBio offers an exceptional capability to respond effectively, safely, discretely and comprehensively to complex CBRN incidents.
