NEW YORK, April 28, 2014 (GLOBE NEWSWIRE) -- Hiscox, the international specialist insurer, today announced that they have increased their capacity to $200 million for US domiciled Terrorism risks. The additional capacity is one of the largest limits in the US and addresses the increased demand for standalone Terrorism coverage due to the upcoming expiration of the US government terrorism insurance backstop offered by the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) in December 2014. Hiscox has a team of five US-based Terrorism insurance underwriters in their Atlanta, Chicago, Los Angeles and New York offices.
"The upcoming expiration of TRIPRA is driving increased demand for the certainty Hiscox's standalone Terrorism coverage provides organizations of all types," said Jennifer Rubin, VP - Head of Terrorism, Hiscox USA. "Our increased capacity of $200 million will serve a wider range of businesses in need of the certainty that comes with insurance coverage for Terrorism independent of the government backstop."
Unlike most terrorism insurance policies, the Hiscox policy does not require government certification of a terrorist attack and has no minimum loss requirements. The capacity stands independent of TRIPRA. The Boston Marathon bombing in 2013 was never officially certified a terrorist act by the US Government, one of the key requirements for TRIPRA coverage to take effect.
Hiscox insured's can add Nuclear, Chemical, Biological and Radiological (NCBR) coverage to the policy with limits of up to $25 million and Terrorism Liability coverage with limits up to $50 million.
Hiscox has a diverse portfolio of commercial, professional liability and specialty insurance products, and has offices in New York, NY; Atlanta, GA; Chicago, IL; Los Angeles, CA; San Francisco, CA and White Plains, NY.
Additional information can be found at www.hiscoxbroker.com
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About Hiscox in the U.S.
Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the Group – Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox International includes operations in Bermuda, Guernsey and the USA. Hiscox Syndicates Ltd is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. The ability of syndicates at Lloyd's to do business in the USA, and its territories, is restricted as they are not US-based insurers. Hiscox Underwriting Limited and Hiscox ASM Limited are authorized and regulated by the Financial Conduct Authority.
Hiscox Inc., a Delaware corporation headquartered in New York, d/b/a Hiscox Insurance Agency in CA, is a licensed insurance intermediary for admitted and surplus lines business. Hiscox Inc. underwrites on behalf of, and places business with, Hiscox Insurance Company Inc., other domestic insurers, and syndicates at Lloyd's (www.lloyds.com). Hiscox Insurance Company Inc. is a Chicago, IL domiciled insurer which is admitted or licensed to do business in all 50 states and the District of Columbia.
CONTACT: Hunter Hoffmann 646-442-8341 Kate Dillon 203-254-1300 x115