NEW YORK, Oct. 26 /PRNewswire/ -- Hiscox USA, the specialist insurer, today announced the launch of a new Terrorism and Sabotage Insurance form for municipalities. The new form offers industry-specific terrorism language and currently includes the broadest definition of terrorism in the market with limits up to $100M.
Unlike most terrorism insurance policies, the Hiscox policy does not require government certification of a terrorist attack and has no minimum loss requirements. The capacity stands independent of the US Terrorism Risk Insurance Program Reauthorization Act (TRIPRA). The new form, which also provides sabotage coverage, covers first and third party liability with limits up to $25M, and provides overall property, business interruption and extra expenses.
"The threat of terrorism continues to be a concern for municipalities, both large and small, across the US," said Rob Cruz, Vice President, Terrorism Insurance at Hiscox USA. "Most insurance policies have extreme exclusions and make it difficult for municipalities to see the value in getting coverage. At Hiscox, we have developed a unique product specifically for these insured's that is not restricted by the need for government certification and also offers the ability to add Nuclear, Chemical, Biological and Radiological (NCBR) coverage at competitive pricing."
Hiscox insured's can add NCBR coverage to the policy with limits up to $25M.
"The broad definition of terrorism in the new Hiscox form addresses one of the key concerns that keep municipalities from purchasing this coverage," said Chris Hopper, Vice President - Property for AmWINS Brokerage of Alabama, LLC. "Municipalities want to know that insurance they acquire will cover their risks associated with a potential attack and this form gives them that assurance."
Hiscox has a diverse portfolio of commercial, professional liability and specialty insurance products, and has offices in New York, NY; Armonk, NY; Atlanta, GA; Chicago, IL; Kansas City, MO; Los Angeles, CA; and San Francisco, CA.
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About Hiscox in the US
Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE: HSX). There are three main underwriting parts of the Group -- Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox International includes operations in Bermuda, Guernsey and the USA. Hiscox ASM Ltd, Hiscox Underwriting Ltd and Hiscox Syndicates Ltd are authorized and regulated by the UK Financial Services Authority. The ability of syndicates at Lloyd's to do business in the USA and its territories is restricted as they are not US-based insurers.
Hiscox Inc., a Delaware corporation headquartered in New York, d/b/a Hiscox Insurance Agency in CA, is a licensed insurance intermediary for admitted and surplus lines business. Hiscox Inc. underwrites on behalf of, and places business with, Hiscox Insurance Company Inc., other domestic insurers, and syndicates at Lloyd's (www.lloyds.com). Hiscox Insurance Company Inc. is a Chicago, IL domiciled insurer which is admitted or licensed to do business in all 50 states and the District of Columbia.
Inquiries as to insurance or other products or services should be directed to an insurance agent or broker licensed to conduct business in the relevant US state. For further information about an insurer's ability to do business in the USA and US territories please contact a licensed agent or broker for advice.
This communication provides general information on Hiscox's products and services only and is not intended to be, and does not constitute, a solicitation of business by syndicates at Lloyd's from or in respect of the USA or US territories. The information contained herein is not a part of an insurance policy, and may not be used to modify any insurance policy that might be issued. In the event the actual policy forms are inconsistent with any information provided herein, the language of the policy forms shall govern.
SOURCE Hiscox USA