Liberty Specialty Markets, part of Liberty Mutual Insurance Co., has launched a terrorist insurance policy for small and medium-sized German business buyers.
LSM entered the German market for war and terrorism in 2018 and has since used standard London market protection for German risks. However, the policy is specially tailored for the German SME sector and is compared with standard terrorist protection on the market, known as the Allgemeine Terror Bedingungen. , riots and core clauses.
Corinna Walter, LSM's terrorist insurer, stated: “We have succeeded in building a portfolio of average market insurance operations in Germany. We saw the value of having a contract that is easy to compare with our peers as well as the government guarantee. Contract security for our customers is a priority for LSM; this has been an important initiative for us to introduce.
Ms. Walter said the terrorism landscape in Germany is changing and its policies reflect new exposures.
“Our new definition of terrorism is broader, as events do not need to be certified as terrorism by the German state to make a valid statement. , She said.
LSM's German book on war and terrorism is divided between multinational companies with global exposure and domestic SMEs.
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