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Member, Beacon International Group, Ltd.
XL Group Ltd. on Wednesday said it is introducing coverage designed to respond to the impact of terrorism, an active assailant attack or the threat of an attack, with a total of $60 million in capacity.
There are three components to the coverage — active assailant, loss of attraction and threat — the insurer said in a statement.
The active assailant coverage, which has $35 million in capacity, is designed to respond when a physical attack results in injury to people at the affected location, business interruption and property damage. It covers medical and counseling expenses, damage to property and business interruption costs, as well as expenses for closure of premises, denial of access, relocation costs and public relations fees, XL said in the statement.
Loss of attraction and threat offer a combined $25 million in capacity. The loss of attraction coverage responds when an attack occurs within 1 kilometer (0.62 mile) of the insured premise or at a pre-specified attraction, causing loss of profit without any property damage to the insured premises.
The threat coverage responds when the threat of a malicious act impacts the insured’s operations. It provides business interruption and security cost, said the insurer in its statement.
XL Group Ltd. will offer a new terrorism and political violence insurance coverage option to its platinum property insurance program.