Terrorism insurance is insurance purchased by property owners.

In the United Kingdom, following the Baltic Exchange Bomb in 1992, all UK insurers stopped including terrorism cover on their commercial insurance policies with effect from 1 January 1993.

Home insurance policies were unaffected.

This lead to the government and insurance industry establishing the Pool Reinsurance Company Ltd. Funded by premiums paid by policyholders the fund is guaranteed by the government.

Standard property insurance policies do not cover damage caused by acts of terrorism and while the likelihood of such an event occurring is minimal the underlying threat still exists.

A terrorism policy can provide cover for buildings and contents, business interruption and loss of rent.

It is important to remember that HM Government or Treasury must declare an act of terrorism before a claim can be made against a policy providing protection for acts of terrorism.

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