A.M. BestTV at RIMS: Coverage for On-Site Violence Is ‘Business as Unusual,’ Says Risk Panel on Active Shooter Incidents

By a News Reporter-Staff News Editor at Insurance Weekly News -- In this A.M.BestTV episode at the Risk and Insurance Management Society, Inc.'s (RIMS) conference in San Antonio, TX, according to insurers and risk experts, demand for coverage against the costs of active shooters and similar incidents are rising. Click on http://www.ambest.com/v.asp?v=rims2418 to view the entire program.

Insurers are developing a wide array of coverages against losses from crises in schools, workplaces and elsewhere.

"Over the last several years, it became clear to XL Catlin that an extension known as an assault cover was insufficient to truly address the concerns of our insureds," said Denise Balan, senior vice president and head, U.S. kidnap and ransom, XL Catlin. "At that point, XL Catlin decided to launch something a little more innovative, which allows for legal liability costs, as well as for off-site coverage. This coverage has given our clients a little more confidence that they are doing the most they can for their insureds."

Chris Parker, terrorism and political violence focus group leader, Beazley, said, "Beazley typically looked at damage to assets and not people. However, with the changing face of terrorism, we decided the actual product had to evolve to remain fit for purpose. Consequently, we developed a product that is essentially a third-party liability product, which provides broader coverage for our clients."

Keywords for this news article include: A.M. Best, Legal Issues.

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