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HAMILTON, Bermuda—Ironshore Inc. has announced a new coverage option for U.S. companies with international operations vulnerable to political and terrorism risks.
Political risk and political violence coverage is a joint offering from Ironshore and the Political Risk and War and Terrorism unit of Pembroke Managing Agency Ltd.’s syndicate 4000 at Lloyd’s of London. Previously, losses from strikes, terrorist acts, civil wars and other disruptions to business often were not covered. Incidents such as the Arab Spring uprisings and protests in Thailand have left many risk managers reassessing their international plans, said Daniel L. Sussman, president of Ironshore’s political risk group.
“Political risk coverage traditionally has been focused on European-domiciled commercial risks, with less than 10% of business underwritten for U.S.-based insureds,” said Mr. Sussman in a statement. “Given recent upheaval and political unrest throughout the global business environment, demand for this specialty class of business is increasing at a significant pace.”
Traditional confiscation coverage has $15 million maximum, and the political violence coverage, which includes terrorism, has $25 million.
For more information, contact Mr. Sussman at firstname.lastname@example.org.
Tensions resulting from the pro-democracy uprisings in the Middle East and North Africa throughout 2011 and into 2012 remain a concern for businesses operating in those nations, according to an analysis released today by Aon Risk Solutions.