Bermuda domiciled specialty insurance and reinsurance holding company, Ironshore International, has announced that it's increased its Terrorism & Sabotage programs capacity to $400 million, effective immediately.The new $400 million capacity level represents growth of roughly 6.7% from the previous $375 million limit, and is in response to a rise in global terror events and civil unrest.
Quentin Prebble, Director, Pembroke Managing Agency Limited, said; "In today's increasingly uncertain world, acts of terrorism have impacted businesses worldwide. Terrorism coverage has now become an essential tool for our clients to protect against the devastation and financial loss that frequently follows terrorist attacks."
The Ironshore Terrorism & Sabotage protection offers insurance cover against damage to both commercial and residential property, which includes business interruption as a result of terrorist attacks across the globe.
The firm explains that protection is offered on either a full value or first loss basis, and optional extensions can respond to losses as a result of malicious damage, strikes, riots, and also civil commotions. Ironshore offers its War & Terrorism cover on a global basis via its Lloyd's of London Pembroke Syndicate 4000 platform.
"Ironshore recognizes that these events, including incidents of civil unrest, are on the rise and as a result we have increased the limit of cover that is available to our clients from a single source to $400 million (USD)," said Prebble.