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How corporate risk managers can avoid gaps in insurance coverage.
Around the world, political and social upheaval is on the rise. In recent years, anti-government marches in Hong Kong have escalated into clashes in the streets. The “yellow vests” movement in France turned violent as demonstrators railed against high living costs. In the U.S., the murder of George Floyd spurred many peaceful protests across the nation against racial injustice, but also looting and property destruction in several cities.
As these volatile events become more frequent, Chubb is helping businesses take a fresh look at the risks they face. Over the next year, nearly half of the world’s countries are likely to see civil unrest increase, according to research firm IHS Markit. If you’re a multinational company, that means your properties in several markets could suffer collateral damage from riots or other turmoil. If protests continue over weeks, your operations may be forced to close. Your supply chains could be further compromised, cutting into profits. And, if you file an insurance claim, you might find that certain incidents aren’t covered by your current insurance policies.
“Organizations are at risk of incurring serious damages – both financial and operational,” said Piers Gregory, Head of Terrorism & Political Violence for Chubb Overseas General. “The costs to protect businesses from unrest resulting from strikes, riots and civil commotion continues to grow. Organizations should act sooner rather than later to avoid the potentially serious consequences of risk exposure.”
Traditionally, insurers have offered strikes, riots and civil commotion (SRCC) protection at no extra costs. But increased turbulence globally is causing some insurers to limit their SRCC coverage, excluding events of social unrest from policies. The evolving risk spectrum has a major impact on what is or is not covered, increasing the risk of contested claims.
To prepare for potential damage and disruption caused by civil unrest, risk managers should review their current policies to ensure they have the right insurance programs in place to protect their assets. The goal is to avoid gaps in coverage that may be exposed when a claim occurs.
Among the actions risk managers can take to mitigate risk and better protect their organization from losses caused by civil and political unrest are:
Claim-scenario planning
Carefully examine the risks your business could be exposed to, which can help ensure you are covered for every possibility. Work closely with your insurers to monitor key risks and create security and business continuity plans for your premises, people and supply chains. Test a range of scenarios to gain an understanding of what type of coverage you might need.
Take a close look at policy wording
Include definitions in the policy for SRCC and related perils. The simpler and more consistent you can make your policy wording, the better. This helps avoid any ambiguity or disagreement if you need to make a claim. Problems can arise when you require more than one policy or are using multiple insurers for different policies, in which case you need to make sure terms and language are as similar and consistent as possible.
Define your limits
Work with your insurance provider to define the limits and deductibles in all your policies. Bottom line: You need to determine how much you are willing to pay versus what you will be able to claim if an SRCC event occurs.
Beware of exclusions
Recent events around the world have shined a spotlight on the interpretation and application of traditional civil unrest perils. Questions on the nature and scope of certain events, as well as the causes of economic losses incurred during the disturbances, can affect claims.
Revisit your policies over time
The recent rise in severe social unrest has demonstrated how events and circumstances can evolve over time. Risk levels can escalate as events unfold, which may trigger different insurance policies. SRCC standalone policies and extensions in political violence policies are more likely to provide organizations with the comprehensive protection they need.
