The threat of terrorism remains very real
The flexibility provided by stand-alone terrorism insurance should not be ignored if you want to protect your clients business, offer your clients a choice & provide yourself with a competitive advantage.
The ability to select which properties to cover & set an appropriate loss limit offers a cost effective alternative to Pool Re.
The UK is presently facing a number of challenges that are quite rightly grabbing the headlines. Nevertheless the threat posed by terror related activity has not simply gone away.
Property owners may be legally required to purchase terrorism cover to comply with the obligations of a lease. This applies equally to most residential management company’s.
The “Qdime Ltd case” in July 2014 upheld that an insurance clause requiring to insure against explosion should also include terrorism, making this cover a requirement of most residential leases.
With a minimum policy premium of £25 we believe a quotation for this affordable terrorism cover should be provided to all your clients.
EPUL’s online quotation facility enables our selected broker panel to obtain a quotation & then bind the policy in a matter of moments saving everyone time & money.
The quotation & policy documentation will be available online to view, download & send to your client.
This ease of transaction reduces our administration costs which can be passed on to you & your client in both enhanced commission and rating discount.
For commercial property owners enhanced commission or a rating discount is available if EPUL also place the Material Damage, Rent & Property Owners Liability covers.
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EPUL |
Pool Re. |
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Selection |
Selection of risks to be at the Insured’s sole discretion. |
Adverse selection against Pool Re is not permissible & would result in any cover provided being discontinued. |
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Territorial Limits |
England, Scotland, Wales, Northern Ireland, Channel Islands & Isle of Man. EPUL have a separate facility for the rest of EEA, EU, Gibraltar & Switzerland. |
England, Scotland & Wales |
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Terrorism Definition |
Act or series of acts, including the use of force or violence, of any person or group(s) of persons, whether acting alone or on behalf of or in connection with any organisation(s), committed for political, religious or ideological purposes including the intention to influence any government and/or to put the public in fear for such purposes. |
Acts of persons acting on behalf of, or in connection with, any organisation which carries out activities directed towards the overflowing or influencing, by force or violence, of Her Majesty's government in the United Kingdom or any other government de jure or de facto. |
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Terrorism definition includes; |
Terrorism definition restricted to; |
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(i) individuals |
(i) the plural term “persons” |
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(ii) acts including those which put the public in fear |
(ii) acts against the Government |
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(iii) acts committed for political, religious or ideological purposes. |
(iii) acts which aim to overthrow or influence the Government. |
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Loss Trigger |
At the Underwriters discretion or HM Treasury certification of an Act of Terrorism. |
HM Treasury certification of an Act of Terrorism which must include damage. |
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Radioactive contamination, chemical & biological |
Excluded. |
Excluded in respect of residential property, houses and other dwellings insured in the name of a private individual. |
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Nuclear |
Excluded. |
Excludes nuclear installations or nuclear reactors. |
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Computer systems & data |
Excluded. |
Only resulting from a specified peril where a cyber Act of Terrorism is the proximate cause of the property damage. |
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Non-damage Business Interruption |
£10,000 each occurrence |
Optional reinsurance purchase by Pool Re members excluding acts which put the public in fear. |
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Residential property, houses and other dwellings insured in the name of a private individual |
Included. |
Excluded. |
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Any residence owned & occupied by a trustee |
Included. |
Excluded. |
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Day-One Inflation Provision & Residential Alternative Accommodation |
35% Day-One Inflation Provision & 33.33% Residential Alternative Accommodation provided free of charge. |
Mirrors the limits & cover provided under the insurers standard contract, which may be less than 35% Day-One Inflation Provision & 33.33% Residential Alternative Accommodation. |
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Excesses |
£500 Material Damage & 3 days Business Interruption. |
Mirror the underlying policy. |
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Policy Loss Limit |
£50,000,000 any one loss. |
Insured values mirror the underlying policy. |
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Annual Aggregate Limit |
Not below Policy Loss Limit, unless requested by the Insured which will result in a premium discount. |
Insured values mirror the underlying policy. |
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Loss Limits |
A Policy Loss Limit & Annual Aggregate Limit below the total sum insured amount can be selected by the Insured which will result in a premium discount. |
Available with a minimum loss limit of £250m & sum insured in excess of £312.5m. |
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Minimum Premiums |
£25 minimum policy premium. |
£50-£100 minimum policy premium. |
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Policy Period |
Maximum 18 month contract period. |
Maximum 365 day contract period. |
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Rating |
Competative rates set by Lloyd’s underwriters reflecting the Insured’s spread of risk. |
Rates set by Pool Re regardless of the Insured’s spread of risk. |
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SME Rating Discount |
Significant discounts available for SME customers with material damage sums insured less than £2m. |
Material damage discount not available. |
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Commission |
Flexible commission rates reflecting individual requirements. |
Influenced by Pool Re minimum reinsurance rates & members risk retention. |
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Web-Portal |
"Quick Quote" function creates an indication. Full portal access available to create formal quotation & subsequently bind cover. |
Not available. |
