Liberty launches German terrorism cover
Liberty Specialty Markets, part of Liberty Mutual Insurance Co., has launched a terrorism insurance cover for small and medium-sized enterprise German corporate buyers.
LSM entered the German war and terrorism market in 2018 and has since used standard London market cover for German risks. The policy is, however, specifically tailored for the German SME sector and compares with standard terrorism cover in the market, known as Allgemeine Terror Bedingungen.
LSM’s offering also allows German insurance buyers to opt in for non-damage business interruption and strikes, riots and civil commotion clauses.
Corinna Walter, terrorism underwriter for LSM, said: “We have been successful in building a portfolio of middle-market terrorism insurance business in Germany. We saw the value in having a contract easily comparable to those of our peers as well as the state guarantee. Contract certainty for our clients is a priority for LSM; this has been a key initiative for us to introduce.”
Ms. Walter said the terrorism risk landscape is changing in Germany and its policy reflects new exposures.
“Our new definition of terrorism is broader, as events do not need to be certified as terrorism by the German state in order to make a valid claim,” she said.
LSM’s German book of war and terrorism business is split between multinationals with worldwide exposure and domestic SME business.
Commercial Risk Europe is a sister publication of Business Insurance. More stories from CRE here.
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