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Member, Beacon International Group, Ltd.
Hiscox Ltd. has increased its capacity to $200 million for U.S.-domiciled terrorism risks.
The added capacity is one of the largest limits available in the U.S. and addresses the increasing demand for standalone terrorism coverage due to the upcoming expiration of the U.S. government terrorism insurance backstop offered by the Terrorism Risk Insurance Program Reauthorization Act, the Hamilton, Bermuda-based insurer announced in a statement Monday.
The Hiscox terrorism policy does not require U.S. government certification of a terrorist attack, has no minimum loss requirements, and the capacity stands independent of TRIPRA, the insurer said.
Hiscox customers can add nuclear, chemical, biological and radiological coverage to the policy with limits of up to $25 million and terrorism liability coverage with limits up to $50 million, according to the statement.