Damage from terrorist attacks

More and more terrorist attacks, most recently in Brussels, Paris, Copenhagen and in larger cities in Turkey, have brought the issue of terrorism insurance back into focus. As part of the fire and FBU insurance (insurance for business interruption resulting from fire), such damage is also insured for amounts insured up to EUR 10 million; in the case of contracts up to EUR 25 million, these can usually be included on request for an additional premium. In the case of risks with an insured sum of more than EUR 25 million, there is the option of insuring them separately as part of terrorism coverage.

For this purpose, after the terrorist attacks of September 11, 2001, the special insurer Extremus Versicherungs-AG was founded, which is supported by a large number of well-known industrial insurers. This provides the first 2 billion euros in the event of damage. As part of a state liability, the Federal Government is making a further 8 billion euros available, so that a total of damage of up to 10 billion euros can be covered, which is limited to the individual risk of 1.5 billion euros. This agreement was recently extended to 2019.

The current attacks here in Europe have made this topic more present again. Experts agree that it is only a matter of time before such attacks will also take place in Germany. Therefore, every company should check whether and what risk of a terrorist attack may exist. Companies in the armaments industry and their suppliers, companies in the media industry, larger trading companies and objects with large crowds such as airports, train stations, halls and stadiums are certainly at particular risk. But all other companies should also analyze this topic, since a major loss event can endanger the company’s existence.

Our technical department and your responsible company advisor will be happy to provide you with further information and an offer.

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