7 June 2013News

Ironshore: Boston bombing influenced terrorism product

John Newton, manager of Ironshore Europe’s London office, told Bermuda:Re that questions arising from the Boston bombings influenced how their new product handled terrorism coverage for high profile events.

SecurEvent, which provides casualty, liability and advisory services for the organisers of high-profile events like the marathon, covers terrorism whilst evading difficult questions of what precisely constitutes a terrorist attack.

“We’re focusing on the event that requires coverage,” Newton said. “We’re looking at its protection against cancellation or curtailment due to any cause outside of the policy holder’s control. By definition that embraces acts of violence, which takes the heat out of the terrorism question. Either way the policy will be triggered.  We cover everything with no discrimination.”

The nature of the violence at the Boston Marathon left some questioning the definition of terrorism itself, illustrating the ambiguity of the word and, by extension, policies that cover it. Under SecurEvent, all aspects of any interruption are covered. Contingency coverage protects against cancellation, curtailment or abandonment as a result of an unforeseen event. Liability coverage, also covering death and dismemberment, covers any injuries and protect sponsors and organisers. In addition, policyholders can rely on advice services by Crisis360 before, during and after an event.

Newton continued: “we felt that by packaging these three key elements you would have a comprehensive solution that most clients are looking for.”

“We have all the dynamics required to really mould a meaningful risk solution, but it’s important to understand all of the elements relative to the risk. A one day event like the Superbowl is really quite different to something like the Ryder Cup, which is over several days, and is in turn different to the NBA, which covers different geographies and venues. With all of these elements, and with the help of the broker and understanding exactly what the client wants, you’re able to come up with a solution which makes sense.”