Laguna Hills, CA (October 12, 2016)—Take1 Insurance is introducing Take1 Combined Crisis Cover, which it bills as the “first comprehensive, affordably priced insurance protection policy for the live and special event industry that provides immediate coverage of up to $1-million annually in the event of, or threat of, malicious acts.”
Those malicious acts include terrorism and acts that are caused by an active assailant who interrupts or cancels a planned live event. Created by Take1 Insurance as a Coverholder of Lloyd’s, the policy also protects against property damage and general liability caused by an active assailant.
The Take1 Combined Crisis Cover policy includes coverage for Active Assailant, Threat of Malicious Acts, Terrorism Property Damage and Business Interruption Loss, as well as Terrorism and Active Assailant Liability. A policy offering annual coverage can be purchased starting at $745, depending on limit and risk profile, and applies anywhere in the United States and its territories. The Combined Crisis Cover is designed to provide insurance protection for companies affected by tragedies that may never be deemed to be an act of terrorism, such as Boston Marathon Bombings and the more recent Pulse Nightclub Shootings—both of which were not certified as acts of terrorism. Policies carry deductibles of between $1,000 and $2,500 (depending on the limit purchased), and coverage protection up to $1-million annually; additional limits may be available with carrier discussion.
The policy is intended for event service firms (equipment rental, audio/visual production and installation companies, as well as event planners/promoters), DICE (producers of Documentary, Industrial, Commercial, and Educational content), and touring entertainers, shell corporations, festivals, special events, and venues.
Take 1 notes that unlike TRIPRA (Terrorism Risk Insurance Program Reauthorization Act) coverage that is currently offered on many commercial insurance policies, the Combined Crisis Cover is not specific to the commission of a terrorist act as determined on a case by case basis by the U.S. Secretary of the Treasury and which has difficult-to-achieve minimum damage thresholds in order for insurance coverage to respond.
“TRIPRA is designed to protect against extraordinary loss after a minimum of $5-million in aggregate loss is achieved,” Take1 Insurance executive vice president & program director Scott Carroll said today. “We believe that our insureds and their agents need an insurance program that kicks in immediately whenever a malicious act, or threat thereof—which can include terrorism, but does not need to—is either committed or threatened in a way that forces the interruption or cancellation of, or causes property damage or creates certain liabilities at, a planned event. This new multi-peril policy provides them with an affordable way to recoup some of their business interruption, property damage and certain liability losses.”