BusinessCompany NewsRush to buy terror cover

Rush to buy terror cover

With the first anniversary of 11 September just a month away it emerged this week that finance directors are buying million of pounds worth of terrorism insurance.

Link: FBI agent fighting financial crime

FDs in both the US and the UK are buying the cover and mainly under pressure from lenders who are refusing to grant loans without the insurance in place.

Companies with overseas exposure feel most at risk, especially those with large foreign property portfolios.

Julian Taylor, vice president of political risk at insurance brokers Marsh, said companies were buying a minimum of $100m (£65) of cover with some protection rising to $1bn.

In the Marsh has sold cover for a total insurable value of $430m.

Taylor said: ‘The onus on finance directors comes down to corporate governance. If you have exposure its difficult to justify not buying a product that’s readily available.’

At the end of July the government backed mutual insurance scheme Pool Re announced it was extending its terrorism cover from fire and explosions to include all risks.

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