News Releases

Chubb launches new multinational political violence and terrorism cover in South Africa
Apr 25, 2016

Johannesburg – 25 April 2016 – ACE Insurance Limited, Chubb group’s South African subsidiary, today announced the launch of ACE Political Violence and Terrorism Plus, a multinational political violence and terrorism insurance solution for businesses in South Africa with both domestic and international operations.

The new solution has been designed to respond to changing client needs and increasing demand for cover in today’s evolving geopolitical environment. It provides comprehensive, market-leading multinational cover through the company’s extensive global network. It also offers integrated cover across the full spectrum of terrorism and political violence perils, now including:

  • Bomb hoax threat: in response to client feedback, the new policy wording is the first to include this coverage as standard in South Africa.

  • Transit cover: cover for goods in transit, traditionally excluded from this type of policy.

  • Looting and pillaging: directly following an insured peril – this is excluded in most wordings but is a very important extension in many parts of the world and especially for clients in the retail sector.

  • Time element select: insured benefits from variable and integrated business interruption (BI) cover, offering them flexibility as to how they choose their BI cover to respond once the loss has occurred.

  • Contingent business interruption extensions: including denial of access, public utilities and customers and suppliers extensions. All these are usually excluded from a regular BI extension, but available under the new Political Violence and Terrorism Plus policy.

  • Capital additions and new acquisitions: a useful extension for clients that are expanding their business, ensuring they have cover in place for new locations within existing territories.

  • Other insurance clause: by stating clearly that this policy will be primary in the event of other policies being in place, this clause removes issues around contribution and delays in claims payments when questions arise over which policy must respond first.

  • Group interdependency: traditionally excluded from this type of policy. This will provide coverage to both the main premise that suffers a loss as well as those dependent premises affected by the loss.

  • Loss of control clause: provides greater clarity in the event of government authorities causing significant property damage in an attempt to mitigate a terrorist attack.

James Ison, Head of Property & Energy, South Africa, said:

“With this launch, we continue to establish our market position as a leader and innovator in terrorism and political violence risk solutions. Coupled with the unrivalled strength of our network globally and the experience of our dedicated underwriting team, clients in South Africa can rest assured that they are getting the most comprehensive cover possible for this constantly evolving and challenging risk.”