Q: Terrorism insurance

Should we buy insurance cover against risk from terrorism? The FPRA replies: First, I would say check your leases to see if the insuring clauses say anything relevant. Whilst I agree the cost of terrorism insurance is high compared to normal cover, I think it is necessary and you should insure. It cannot be sensible not to insure the block against destruction or damage from an explosion caused by a bomb, whilst at the same time doing so if the cause were a gas leak. In the event of a bomb, everyone will feel very foolish to have lost their homes and not have insurance – and all to save just £40 per annum for each owner. It is worth shopping around for the best terrorism insurance deal as different insurers do quote different premiums, albeit they all seem to say they charge the same. Some have flexibility, for instance many Lloyds of London underwriters charge different rates from the big composite insurers, such as Norwich Union & Axa.

Q: Terrorism insurance

Should we buy insurance cover against risk from terrorism? The FPRA replies: First, I would say check your leases to see if the insuring clauses say anything relevant. Whilst I agree the cost of terrorism insurance is high compared to normal cover, I think it is necessary and you should insure. It cannot be sensible not to insure the block against destruction or damage from an explosion caused by a bomb, whilst at the same time doing so if the cause were a gas leak. In the event of a bomb, everyone will feel very foolish to have lost their homes and not have insurance – and all to save just £40 per annum for each owner. It is worth shopping around for the best terrorism insurance deal as different insurers do quote different premiums, albeit they all seem to say they charge the same. Some have flexibility, for instance many Lloyds of London underwriters charge different rates from the big composite insurers, such as Norwich Union & Axa.

Question 1

Terrorism insurance

Accepted Answer

Should we buy insurance cover against risk from terrorism? The FPRA replies: First, I would say check your leases to see if the insuring clauses say anything relevant. Whilst I agree the cost of terrorism insurance is high compared to normal cover, I think it is necessary and you should insure. It cannot be sensible not to insure the block against destruction or damage from an explosion caused by a bomb, whilst at the same time doing so if the cause were a gas leak. In the event of a bomb, everyone will feel very foolish to have lost their homes and not have insurance – and all to save just £40 per annum for each owner. It is worth shopping around for the best terrorism insurance deal as different insurers do quote different premiums, albeit they all seem to say they charge the same. Some have flexibility, for instance many Lloyds of London underwriters charge different rates from the big composite insurers, such as Norwich Union & Axa.

Question 2

Terrorism insurance

Accepted Answer

Should we buy insurance cover against risk from terrorism? The FPRA replies: First, I would say check your leases to see if the insuring clauses say anything relevant. Whilst I agree the cost of terrorism insurance is high compared to normal cover, I think it is necessary and you should insure. It cannot be sensible not to insure the block against destruction or damage from an explosion caused by a bomb, whilst at the same time doing so if the cause were a gas leak. In the event of a bomb, everyone will feel very foolish to have lost their homes and not have insurance – and all to save just £40 per annum for each owner. It is worth shopping around for the best terrorism insurance deal as different insurers do quote different premiums, albeit they all seem to say they charge the same. Some have flexibility, for instance many Lloyds of London underwriters charge different rates from the big composite insurers, such as Norwich Union & Axa.

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