Market welcomes Pool Re non-damage BI extension
The Counter Terrorism and Border Security Bill, which outlines how Pool Re can operate, received Royal Assent yesterday (13 February).
Non-damage business interruption is now covered by Pool Re following the Royal Assent of the bill which allows it to cover losses incurred if a business cannot trade or is prevented from accessing its premises in the wake of a terrorist attack.
Before the law was changed, Pool Re could only reinsure losses incurred if a company’s premises had been physically damaged by terrorists.
Both the British Insurance Brokers’ Association (Biba) and the Association of
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