Terror is no longer confined to the major cities – lone wolf attacks mean non-target locations now require cover.

Would your business suffer financially if there was a terrorist incident within 1km of your premises, without the business suffering from any physical property damage?

Borough Market traders and businesses in the surrounding area suffered significant financial losses as a result of denied access and reduced custom. Many of these losses were not insured.

Businesses are increasingly being impacted by terrorist incidents because police cordons and exclusion zones can hinder access, and there may also be a subsequent loss of attraction, both of which can lead to a reduction in takings.

Businesses such as bars, restaurants and other entertainment venues have discovered that their terrorism insurance won’t always respond following malicious terrorist attacks, including so-called “lone-wolf” attacks, if there is no physical damage to their own or surrounding property.

To meet this need, we’ve partnered with a specialist terrorism Insurer to offer Denial of Access and Loss of Attraction cover to be triggered by acts of terrorism that don’t result in physical damage.

Standalone cover could also give you a real competitive advantage by providing a flexible alternative that covers a broader range of motives: political, religious or ideological, and doesn’t rely on a formal declaration of an act of terrorism.

It is also a cost-effective solution if you have multi-location exposures, so can benefit from a combined material damage and business interruption.

In many cases, the cover offered by traditional placement routes is narrower than the terrorism exclusion in the underlying material damage and business interruption policy, whereas the cover given by the standalone wording is a better fit and can also include risks not catered for elsewhere such as individuals acting alone and sabotage.

To find out more please speak to GPS Insurance Brokers on 020 8207 7385

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