/Loss of attraction
Loss of attraction 2017-11-08T10:34:55+00:00

Loss of Attraction

The London insurance market can cover Business Interruption resulting from Loss of Attraction from the single peril of Terrorism.

 

This might not seem like a big thing, but imagine you are running a hotel or tourist attraction and suddenly a terrorist act takes place such as {Charlie Hebdo shootings in Paris, London Tube & bus bombs, Boston Marathon bomb or the Tunisia Hotel shootings} and for the short term every one cancels their booking due to fear that the situation may repeat itself. The operator of the facility suddenly has a big hole in their budget until the area normalises again and customers return. The products that are available in the London market are to cover the normal business interruption following a terrorist event, just as if nothing happened, so the operator can carry on paying staff and working out how to recover the business. In the event of a claim and even though the policy does not have a written provision for it, insurers sometimes depending on the circumstances also assist with public relations and advertising as well. After all, it’s in the insurer’s interest to help the business restore itself as quickly as possible to minimise their loss and get the Insured back to where they were before the event.

 

Applicable Industries: Hotels, Restaurants, Entertainment venues, Theme Parks, Museums, Galleries, Transportation hubs

 

Limits available: Up to USD/CAD/EUR 100m.

 

What information do we need ? We just need 3 years of financials, preferably on a month to month basis so that Underwriters can assess the true and fair value if a loss should occur of the estimated BI and a completed application form.

Visual Examples of the scenario:-

Loss of Attractions

Loss Of Attraction Fixed Cost

Loss of Attraction gross profits

Loss Of Attraction Gross