Broking house Aon and (re)insurer Chubb have collaborated to create a stand-alone terrorism and political violence solution at Lloyd’s, the two companies announced today.
The platform – platinum – places risks as a single umbrella policy that ensures compliance with local regulatory and tax requirements, with policies issued locally in each territory.
With limits of $500mn per policy, the product has been created to address complex regulatory requirements for corporations operating across multiple countries, Aon and Chubb said.
The carrier and broker said platinum has been created to address the gap in coverage in many countries that do not permit non-admitted coverage.
“Multinational companies operating in today’s challenging global space are required to meet the demands of complex regulatory networks while mitigating a diverse spread of country risks, which include the increased threat posed by terrorism and political violence,” Aon and Chubb said in a statement.
“Platinum has been created to respond to a growing demand from clients who wish to fulfil local regulatory requirements in all territories rather than centrally through a parent head office location,” it went on.
“Platinum provides globally admitted cover that also facilitates the settlement of all local premium taxes and the smooth repatriation of funds at the point of loss.”