Cover Available
From our beginnings we have sought to provide members with cover at competitive and sustainable rates – frequently half that of the available alternatives.
Our mutual mechanism allows this by:
- Retaining and investing funds which otherwise would be paid to the traditional insurance marketplace
- Buying cost-effective excess of loss insurance to protect against larger losses
- Retaining surpluses, benefiting members
Taking into account market conditions and other developments, our directors regularly review the balance of risk retained by us and that placed elsewhere by means of excess and re-insurance. It’s an approach that has lead to continual improvements to the scheme.
Our scheme is based on a specific definition of terrorism:
“An act, including the use of force or violence of any person or group(s) of persons, whether acting alone or on behalf of, or in connection with, any organization(s) committed for political, religious or ideological purposes, including the intention to influence any government and/or to put the public in fear for such purposes.”
The scheme:
- Attaches above the deductible that applies to individual members’ underlying general Material Damage and Business Interruption policies
- Provides a high limit of cover
- Covers nuclear risks, alongside chemical, biological and radiological contamination to a limit of £1m per claim.
