The Counter-Terrorism and Border Security Bill (the Bill) seeks to ensure that law enforcement and intelligence agencies have the powers they need to help keep the UK safe from the threats of terrorism and hostile state activities. It will also amend the scope of reinsurance available to cover business interruption losses.

The Bill will close gaps in existing counter terrorism legislation to ensure that it is fit for purpose in the current risk environment. Included in the provisions of the Bill is an amendment to the Reinsurance (Acts of Terrorism) Act 1993 (1993 Act) to enable state-backed mutual reinsurer, Pool Re, to extend its business interruption coverage to include losses that are not contingent on physical damage to property. The change comes as a result of a spate of terrorist attacks where there was little or no business interruption caused by physical damage.

The 1993 Act is amended so that a loss will fall within coverage where it results from interruption to business resulting from or consequential upon acts of terrorism.

The Bill had its first reading in the House of Commons on 6 June 2018.

View: Counter-Terrorism and Border Security Bill amends Pool Re business interruption cover

Leave a Reply

Your email address will not be published. Required fields are marked *