TT Club is to offer nuclear and bio-chemical terrorism cover, starting from 1 January.
Cover will be available for physical loss, business interruption and liabilities, and will be applicable in incidents involving both actual damage caused by an incident or device and when an incident occurs or a device is discovered causing significant trade disruption but no physical damage. Cover will also be offered for both direct and indirect business interruption.
Limit options will provide cover up to a maximum of $25m for any one incident per Member while indirect business interruption losses will be available for limits up to a maximum of $5m, any one incident, per Member. A pool aggregate limit for all claims in any one year of US$100m is expected to be achieved.
Brian Wood, TT Club's underwriting director, said: “Concerns have been expressed within the industry regarding the potential security threat presented by the risk of such attacks on the international transport infrastructure. The Club is always looking for options to improve the way in which its Members' risk exposure can be managed and this pooling arrangement is a good example of finding a mutual solution to a common concern.”
