Risk-modeled terrorism solution launched by Gallagher's international unitReprints
Arthur J. Gallagher, the international brokerage arm of Arthur J. Gallagher & Co., has launched a risk-modeled terrorism solution for U.K.- and U.S.-domiciled clients.
The tool was designed for businesses with premium spend in excess of £1,000 ($1,452). It allows locations to be geocoded, visually mapped and values aggregated, before analytics determine proximity to potential terrorist targets, Gallagher said Tuesday in a statement. Disaster scenarios are run to determine probable maximum loss and specific vulnerabilities, allowing Gallagher provide advice on how to choose the best limits and types of coverage, according to the statement.
Limits are up to £230 million ($333.9 million) per individual location for material damage and business interruption, £100 million ($145.2 million) for terrorism liability, and up to £5 million ($7.3 million) each for threat, loss of attraction, denial of access, and chemical, biological, radiological and nuclear defense, a spokeswoman for Arthur J. Gallagher said in an email.
“Businesses and individuals are becoming more likely to be exposed to multiple, complex terrorist attacks, such as those seen recently in mainland Europe in both Paris and Brussels. The changing nature of threats presents different challenges to businesses and demands an equally dynamic response from those specializing in risk management and insurance,” London-based Paul Bassett, managing director of crisis management at Arthur J. Gallagher, said in the statement, adding that “the underwriters we work with both understand the benefits of effective terrorism risk management and are prepared to recognize this through adjusted premiums as appropriate.”