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Objectives of Terrorism Insurance

Terrorism Insurance:

Terrorism is a phenomenon that has made its presence felt time and again in one form or the other. Over and over again

, the innocent public has been a victim of explosions, hijackings, and kidnappings etc. which have brought pain and suffering. Looking back in the history, the attack on the WTC, the attacks in India and the ongoing onslaught in Pakistan, the threat is only increasing. Even though the world is fighting it, it is evident that the numbers of those responsible for causing such activities is only increasing as more and more troops are being required to counter them.

Terrorism insurance is meant to safeguard the interest of those with the policy with financial aid in case of destruction of their property or loss of the life of one of the many family members. The problems that can arise in case an earning member of the family meets with his/her demise can be excruciating. This specific type of insurance can be availed only in the case of a terrorist threat or activity and is prevalent in the areas which have been the prime targets of terrorists.

Terrorism Insurance

The insurance can be brought for various assets owned by the owner. Terrorism insurance can further be extended to provide for medical treatments and life insurance too under specific circumstances approved by the homeland security office. As more inclusions are made to the insurance policy, the amount of the premium that needs to be paid for the successful sustenance of the policy increases. The policy comes with a time period that can be short or long as per the decision of the policy holder. He has the option of renewing the policy in case the time expires or lapse the same in the event of which the amount deposited with the insurance agency as premiums is refunded back.

The usefulness of this insurance depends to a lot of extent on the amount of safety that the place has from the wrong doers. If the location of residence is somewhere close to the border where insurgency is prominent, the terrorism insurance becomes very important, whereas, if the area is somewhere where there is a lot of security and the chances of a terrorist activity are close to nothing, it is alright to avoid this insurance specifically as the terminologies can be covered in other types of insurances at times.

In case an accident takes place which comes under the category of terrorism, the policy holder can contact the insurance agency through his / her insurance agent and ask for the amount that becomes rightfully his / her. The insurance company has to come back with a formidable reply within a couple of days of drafting the letter and the refund has to be done within a specified period of time, which varies from country to country. Be sure to keep in touch with your agent for any updates. In the event of delays by the agency’s side or their refusal to surrender the amount, the policy holder can launch an appeal with the insurance department of the city.

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