Commercial property MGA, (European Property Underwriting Limited (EPUL) has launched a flexible UK and Northern Ireland terrorism solution offering cost-effective cover as an alternative to Pool Re.
EPUL’s stand-alone terrorism policy provides material damage and business interruption coverage for business and property investors’ risks. Insureds can select which properties they wish to cover. Policy loss limits are also available in return for a rating discount. Cover includes day-one inflation provisions and alternative residential accommodation free of charge. EPUL is offering a minimum premium of £25 compared to £100 under Pool Re.
EPUL brokers can use the MGA’s online quote and bind facility and have access to a “Quick Quote” service that enables them to obtain an indictive pricing using just a postcode and sums insured.
Andrew Whittaker, Managing Director of EPUL, said: “Facing an evolving and ever-present terrorism threat, it is perhaps the smaller businesses and property portfolios that potentially have most to lose in a terror attack. In recognising the need for the terrorism insurance market to respond to the requirements of these clients, we have employed the expertise and capabilities available within the Lloyd’s market to develop a responsive and cost-effective material damage and business interruption solution.”
The launch of the terrorism cover follows EPUL being granted Lloyd’s Coverholder status. Andrew Whittaker said: “This is an important development and enables EPUL to continue expanding the range of products we can offer beyond what is generally available in the composite property investors’ insurance market.”