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Terrorism and Political Violence

Terrorism and political violence ( PVT) insurance covers an individual or company against physical loss and damage, as well as business interruption costs, as a result of a terrorist act or acts of political violence such as riot, strike, civil commotion, revolution, war, civil war, rebellion, insurrection, sabotage, coup d’état and malicious damage, and consequential looting.

It can occur as a stand-alone cover or as part of another policy such as Motor Vehicle insurance or Home Insurance commonly called a rider.

Why you need PVT?

Every so often, parts of the world are reminded of the threats posed to people, businesses and property by acts of violence motivated by political or terrorism forces.

  • Politically motivated attacks, acts of terrorism and other forms of unrest can cause great losses to businesses and individuals and loss of lives.
  • It is vital during such times to have a way to adequately protect assets, people, and plan for business continuity.
  • Apart from other key security prevention tactics, insurance remains a key tactic to manage the exposure.
  • Loss or damage to buildings and contents owned by you ( the insured) or those for which you are legally responsible caused by any of the risks below
  • Expenses you incur in the removal of debris directly caused by any of the insured risks
    • Act of Terrorism
    • Sabotage
    • Riots, Strikes and/or Civil Commotion
    • Malicious Damage
    • Insurrection, Revolution or Rebellion
    • Mutiny and/or Coup d'Etat
    • War and/or Civil War.
  • Loss or damage arising from nuclear, chemical, biological or radiological (NCBR) attacks, although limited and expensive capacity is available upon request
  • Loss or damage caused by confiscation, nationalization, or any result of any order of public or government authority which de prives the insured of the use or value of its property
  • Loss or damage by electronic means: cyber / computer hacking, although as with NCBR coverage, there are standalone products being developed
  • Business interruption as a result of a threat or hoax.

Useful tips on Terrorism and political violence

  • Although we all do not wish any acts of violence, they occur and it’s best to manage the risk.
  • Like all other insurance contracts read the policy document well and seek interpretation in areas that appear difficult.
  • Look at an insurers ability to pay your claims through their capacity, reputation and experience in each area.

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How do you claim?

  • All you need is report the act to Police and obtain a Police abstract.
  • Complete a claim form
  • You’ll be required to give a witness/insured’s statement highlighting the circumstances of loss.
  • Be sure to have documents in support of amount being claimed such as invoices, receipts etc.

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