Our Terrorism insurance offering continues to go from strength to strength, with the launch of a new facility for the US & Caribbean. This new facility caters for US and Caribbean risks with a $255m limit, providing brokers with one of the largest Terrorism limits available for the region.
Arif Rahman has joined from Fidelis as Head of Political Violence & Terrorism to lead the binder,
which has both a Quote, Buy, and Bind platform, along with a traditional, ‘open market’ offering running parallel, covering both primary and excess layers, and providing brokers with a ‘one-stop shop’ solution. We aim to respond to all enquiries within 24 hours.
Arif says: “I’m hugely excited to join Rokstone and proud to spearhead this unique Terrorism facility. Our plan was always to give brokers an efficient and comprehensive solution for US terrorism risks all under one roof. I am excited to work with the Rokstone management to further enhance the service offering we provide to our carrier partners and deliver a market leading experience in the coming years. Their commitment to this new panel is a strong vote of confidence in both the potential in the market, and our expertise.”
Our product really stands out by offering Terrorism & Sabotage insurance as a superior alternative to TRIPRA, the US federal ‘backstop’ programme set up following the September 11 terrorist attacks on the World Trade Center, in order to respond to terrorism events.
TRIPRA offers public and private compensation for certain insured losses resulting from a certified act of terrorism. Crucially, TRIPRA claims must first be certified as an ‘Act’ by the Secretary of Treasury, in consultation with the Secretary of Homeland Security and the US Attorney General.
This certification procedure is onerous, and to date, has never paid out a claim.
Our offering purely requires an event to fit their broader definition of Terrorism, whilst also extending the coverage to include Sabotage. Clients are also able to elect a Terrorism specific limit and deductibles, and can choose which properties are covered under the policy, unlike TRIPRA where, typically, all locations must be covered up to the full policy limit, resulting in higher premiums for the client.
We intend to keep widening our offering in the near future, and eventually provide Political Violence, War and Terrorism solutions to service clients globally.