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XL Catlin on Wednesday said its crisis management business has doubled its limits for stand-alone terrorism coverage to $200 million.
The company is also introducing active assailant coverage, the statement said.
XL Catlin, the marketing name of XL Group P.L.C., has increased available liability limits for its stand-alone terrorism insurance policy to $200 million, double the original $100 million when the policy was first introduced in 2014.
“A string of attacks in cities, and schools worldwide has prompted many companies and communities to reconsider the type of events to which they could be exposed and what the repercussions could be for them,” Ben Tucker, XL Catlin's head of U.S. terrorism and political violence, said in the statement.
“They are taking additional precautions and are looking for more financial protection to properly handle such events and we're making available insurance protection that is relevant to the evolving risk environment,” Mr. Tucker added.
The active assailant coverage has liability limits up to $35 million to address the shortfall in the Terrorism Risk Insurance Program Reauthorization Act of 2015 and to enhance the company's current stand-alone terrorism property policies, the statement said.
As well as providing standard property damage coverage, active assailant coverage also provides coverage for time element including a determination by authorities that the Insured's operations have to cease at their current location, the statement said.
“Unlike most terrorism coverage which can only be triggered by property damage, this coverage also offers Time Element coverage due to bodily injury or death — as well as Physical Damage,” said Mr. Tucker in the statement.
XL Catlin’s net income for the fourth quarter of 2015 jumped 63.8% over the prior-year period to $228.6 million despite natural catastrophe losses and integration expenses from the merger of XL Group P.L.C. and Catlin Group Ltd.