Companies will be able to get insurance cover easier in case of a terrorist attack, following the passing of a new law.
The Counter Terrorism and Broder Security Act 2019 received Royal Assent today, following complaints from businesses in the aftermath of the London Bridge attack who claimed loss revenue when they couldn’t access their premises.
Previously Pool Re, the government-backed terrorism reinsurer, could only reinsure losses when a company’s premises had been physically damaged by a terrorist attack. Now Pool Re will be able to back insurers to enable them to provide business interruption cover for companies that are unable to trade in the wake of an attack.
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