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XL Catlin boosts US terrorism insurance limits

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XL Group Ltd. said Wednesday that it has raised its available terrorism insurance coverage limits 25% to $250 million to meet continued demand for terrorism coverage.

The stand-alone terrorism policy is intended to help U.S. businesses address potential gaps in coverage provided by the federal Terrorism Risk Insurance Program Reauthorization Act, the insurer, which does business as XL Catlin, said in a statement.

XL Catlin’s terrorism insurance coverage includes coverage for direct physical loss or damage and resulting business interruption; terrorism liability and general liability for bodily injury and physical damage resulting from an act of terrorism; and a broad definition of terrorism, including coverage for acts perpetrated for political, religious and ideological purposes, according to the statement.

The coverage also includes options to add insurance for chemical, biological, radiological and nuclear, or CBRN, events; active assailant insurance events; and threat of terrorism.

XL Catlin also said it provides its stand-alone terrorism policyholders with access to its retained consultancy, S-RM, a London-based global business intelligence, risk management and cyber security services firm that provides tailored consultancy support for preloss planning and post-loss business continuity services.

“Terrorism events in every corner of the world are prompting businesses worldwide to take a hard look at the risk that terrorism poses to their property and operations,” Ben Tucker, head of U.S. terrorism and political violence insurance for XL Catlin, said in the statement. “They are looking for higher levels of financial protection to meet increased terrorism concerns and with this increase, we’re better equipped to address more of their coverage needs.”