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The details of the proposed ‘Protect Duty’ legislation are yet to be agreed, but one thing is certain, the impact on business’s insurance arrangements.
“Businesses are likely to require specialist Terrorism Liability insurance on top of their standard public and employers’ liability cover”
With significant changes afoot, Lead Terrorism Underwriting Dan Moorcraft shared his thoughts on the proposed Protect Duty with Insurance Post.
The article explores issues surrounding the scope of the Duty, the preparedness of the industry to respond to these changes and the possible role of Pool Re going forward.
It’s become clear that many brokers simply aren’t aware of these changes, and without knowing the exact scope of the legislation, it is difficult to prepare for.
However, it will be vital that brokers are ready to advise clients of the very real possibility that they will need to purchase terrorism cover as soon as there is official confirmation from the government.
Brokers will need to familiarise themselves with the range of solutions available to their clients, beyond Pool Re, and understand the flexibility and levels of cover available under standalone terrorism policies.
“This could be an opportunity for brokers to take a more consultative risk management approach to their clients’ risk and add greater value”
Click here to read the full feature (subscription required).
Click here to find out more about our own standalone Terrorism & Sabotage insurance product