Catlin Insurance Company Ltd, Bermuda, has developed an insurance/reinsurance product which restricts cover to NCBR events which occur in a specific geographic area. It claims that this restriction allows provision of greater capacity at more reasonable pricing levels.
The Catlin coverage can be used to supplement individual countries' national terrorism insurance frameworks. This can be done either by providing protection for losses within an insured's or cedant's retentions, co-participation or plugging other gaps in the frameworks (such as personal accident exclusions).
Specialist transport insurance provider TT Club will offer members NCBR terrorism cover from 1 January 2007. Cover will be available for physical loss, business interruption and liabilities, and will be applicable in incidents involving both actual damage or trade disruption but no physical damage.
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