Insurance broker warns of risk on terror attack damage

barry pimlottHOSPITALITY businesses could be faced with a huge bill if they suffer damage caused by terrorism, according to Lancashire-based BP Insurance Brokers.

The company says standard property insurance policies have limited or no cover for loss or damage that occurs as part of a terror attack.

At the same time, many business interruption policies would not pay out if a business had to close for some time for renovation and repairs due to terrorism and may not provide any payments for loss of business incurred following such an attack.

Businesses in the hospitality and tourism sectors and those operating in the shadow of a key landmark, or close to a transport hub, religious or government building, are likely to be the most at risk.

BP Insurance Brokers’ managing director Barry Pimlott (pictured) said: “If an insured individual or business falls into any of the categories that could be identified as being ‘vulnerable’, they should seek advice on the terms of the insurance they already have and question whether it is sufficient for their needs.

“The nature of terror attacks now is very random and, unfortunately, more prevalent.  People should ask themselves whether their property or business could possibly be a target or whether anything around them could be at risk.  If the answer is ‘yes’, they should consider protecting against potential losses that could seriously impact either them or their business.”

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