The Federation of Small Busiensses lends its support to calls for non-damage cover

Pool Re has won the support of the Federation of Small Businesses (FSB) in urging the government to change the rules on terrorism insurance.

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The FSB has called on the government to lift the restriction on Pool Re that prevents businesses from insuring against non-damage business disruption in the wake of a terror attack. Current rules do not cover loss of trade, or other impacts of terrorism.

The FSB made it stand known in its latest report, “Small business as usual – strengthening resilience against 21st century terrorism”.

FSB national chairman, Mike Cherry said: “Terrorists aim to create loss and disruption to ordinary life, and that means we also need to be as prepared as possible to limit the potential damage on local economies when the worst happens.”

Pool Re published its Terrorism Threat and Mitigation report earlier this year.

Alongside this, the FSB suggests the government should introduce emergency resilience measures for businesses affected by terrorism, providing extra financial relief and allowing businesses to delay bill payments.

The call follows recent incidents like the attack on London Bridge, where businesses in Borough Market were forced to close for 11 days, costing them an estimated £1.4m.

Pool Re chief executive Julian Enoizi welcomed the FSB’s support for what he said would be an “important change” in the rules.

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