General Insurance Article - Political Risk, Violence and Terrorism policy launched


WeSpecialty announces the launch of “Political Violence - Terrorism - Political Risks” cover in response to client needs.

 This innovative launch comes at a time when the market has witnessed the dramatic return of political and terrorist risks to the forefront of the international scene and the withdrawal of some of the traditional war-risk insurance players.

 Called Canopy, it combines in a simple, comprehensive and modular product the whole breadth of political violence, terrorism and political risk covers previously available in separate products across London and continental European insurance markets.

 Canopy is aimed at manufacturers and commodity traders and, more generally, any international company operating in sensitive areas, who wish to protect their interests and mobile or fixed assets (goods or warehouses, production units, plant and machinery, stocks and offices) against the consequences of a political peril. Protection includes the risks of confiscation, nationalisation, expropriation and deprivation.

 Canopy is a product developed in partnership with Hiscox, a benchmark player on the world specialty market. Other major insurers are expected to strengthen this partnership in the months to come.

 Patrick de la Morinerie, chairman of WeSpecialty, says, "WeSpecialty, whose desire is to take a fresh look at complex risks, offers Canopy as a total response to the growing needs of businesses operating in certain unstable regions or in low-security environments."
  

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