Terrorism can be defined as causing or threatening harm or fear on the public. In respect to a political, religious, ideological or similar agenda. It involves violence against one or more persons, damage to property, endangering lives of others, risking health or safety of the public and attempting or succeeding to interfere with an electronic system.
It is always a difficult subject on whether you need to take out terrorism insurance for your building. It may depend on the specific area that you are in and you may wish to take a view. For instance, if you are in one of the major Cities you may wish to have terrorism cover. The incidences used in this cover are very few and far between but the effects of a claim can be huge.
Yes, you would need to take out the policy at the same time you take out the buildings insurance. It is important that you advise us of what type of cover you need for terrorism and how much. Most insurance companies can offer but the cost depends on their own individual rates. There is no standard level of cover across the country.
Yes, but there are certain areas in the country where it can be extremely difficult to find cover and the premiums can be high. It depends on what type of commercial property you have, where it is and who is the occupier. The property would have to be referred to the Insurance Company. In this instance, there may be certain checks covered out before they offered any type of cover. You can find that a rural property in the middle of nowhere with no history of terrorism in the area will warrant a low premium. Whereas a property in Central London that has already experienced terrorism would be very expensive to insure. If insuring the risk is possible at all.
Terrorism insurance is an emotive subject. It is very difficult to decide on whether you wish to have cover or not. Some people will perceive it to be an unnecessary amount of money and others would see it as a must. It is totally a matter for you but it is something that we can offer along with your landlord insurance.
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