XL Group’s Crisis Management team today introduced its new product covering chemical, biological, radiological & nuclear (“CBRN”) events.
The use of chemical, biological, radiological and nuclear (CBRN) weapons is a growing concern worldwide. Deployment of these weapons would have a devastating impact, potentially causing damage and interruption to businesses a significant distance away from the CBRN release.
Responding, XL Group has developed a coverage which, according to Stephen Ashwell, Chief Underwriting Officer, Crisis Management, “goes beyond anything previously available in the insurance market.”
Mr. Ashwell said: “We have really raised the bar with this product. In the past policies would only respond using a narrow definition of a terrorism event, but our coverage is triggered when a perpetrator has malicious intent , so it eliminates the grey area between the characterisation of a terrorist, an activist, or extremist. Essentially it’s not about who committed the act, its just that it wasn’t an accident.
“Further, and importantly, it has been standard practice to limit the geographical area covered from the site of the attack, but our policy has no distance restrictions meaning if our clients are affected, they are covered no matter how far away.
“Additionally clients have access to our retained consultancy, Salamanca Group who provide tailored consultancy support for pre-loss planning and post-loss business continuity services as well as a 24/7 helpline.”
Mr. Ashwell concluded: “We think this is a really compelling solution.”
The cover, written at Lloyd’s of London, is particularly relevant for North American risks and demand is expected to be high amongst the transportation, retail and leisure sectors.
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XL Group plc’s insurance companies offer property, casualty, professional and specialty insurance products globally. Businesses that are moving the world forward choose XL as their partner. To learn more, visit xlgroup.com/insurance.
About XL Group plc
XL Group plc (NYSE:XL), through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. XL is the company clients look to for answers to their most complex risks and to help move their world forward. To learn more, visit www.xlgroup.com
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