Violent Acts Liability Insurance aids businesses in the US and Canada to move ahead following a tragic incident. Credit: Gorodenkoff / Shutterstock.com.

Hub International has introduced a new offering, Violent Acts Liability Insurance, to aid businesses in the US and Canada to move ahead after a tragic incident.

This product is intended at closing the gaps in umbrella and general liability policies, thereby protecting the safety, security and resilience of an enterprise, the company said.

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The Violent Acts Liability Insurance will address the liability risks caused by malicious acts of violence on the functioning of a company.

This offering is underwritten by Lloyd’s of London and ensures limits of up to $25m, with an option for claiming additional sum based on the requirements.

Conventional excess casualty insurance only offers protection against bodily injury and property damage claims.

However, the new product provides enhanced coverage for the third-party liability arising from violent acts that affect the company.

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The insured will also be protected from immediate impacts and expenditures through a crisis fund.

Furthermore, third parties also receive coverage on events of revenue loss, pollution clean-up and access prevention, among others.

Hub International executive vice-president Carol Murphy said: “In a world where unforeseen acts of violence can disrupt lives and businesses in an instant, we are able to help clients face these uncertainties with greater confidence.

“Hub’s Violent Acts Liability Insurance offers not only broad coverage, crisis response and risk management but also solutions that meet company-specific and country-specific nuances and requirements.”

Earlier this month, the company acquired the assets of Franklin Financial Group and Franklin Investment Group for an undisclosed sum.