Marsh has introduced a standalone social unrest insurance plan that offers financial protection to businesses in event of losses.
The product, which is underwritten by Chaucer, provides coverage of up to $20m for denial of entry/leaving a property caused due to terrorism, protests, civil unrest and strikes.
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Referring to the 2017 terrorism attack at Borough Market in London that forced nearby businesses to remain shut for a period of 11 days, Marsh estimates that the losses sustained by the businesses from non-damage business interruption (NDBI) could range from $750,000 to $5m.
For Marsh’s new Social Unrest insurance plan, the waiting period or the length of time before the coverage starts can be as little as 24 hours after the accident.
Justine Mayhew, head of international property within Marsh’s international placement division, said: “While protests, strikes, and demonstrations aren’t always violent or cause physical damage, they are becoming increasingly frequent in modern society.
“Many standard insurance products have not yet adapted to the evolving nature of these threats and typically only cover business interruption losses associated with physical damage.”
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By GlobalData“By covering denial of access arising from disturbances to the public peace, Marsh’s Social Unrest solution helps clients reduce the economic impact of these events on their businesses.”
The product is available exclusively to Marsh clients.
