UK-based underwriting subsidiaries of Catlin Group Limited (CGL) have rolled out a new terrorism insurance product UK Asymmetric, which 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, the new product provides coverage of property damage, business interruption, general and employers’ liability, clean-up costs and consultancy expenses arising from an act of CBRN terrorism.
Further, the policy covers contamination by ‘chemical weapons’ as well as by legitimate, but toxic chemicals that can be used in a terrorist attack.
Catlin terrorism insurance underwriter Will Farmer 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."
The new insurance product will include pre-incident support and post-incident response services offered by SecureBio, a UK-based firm that provides security services.
Catlin Group employs more than 1,600 underwriters and underwrites more than 30 lines of business and operates offices in London, Bermuda, the US, Asia Pacific, Europe, and Canada.