The tragic COVID-19 outbreak has highlighted the significant coverage gap that traditional insurance has not been able to solve: non-damage business interruption as a result of an epidemic. Most standard property damage policies require business interruption to be from physical damage and also typically exclude communicable diseases.
To close this coverage gap, we have partnered with AM Best “A” rated carriers in London who have a deep expertise in epidemiology, statistics, risk modelling, finance and claims management, allowing us to offer a tailor-made risk transfer solution that responds to future pandemic and epidemics.
Consolidated Insurance + Risk Management has access to the Pandemic Protector, offering both crisis management and non-damage business interruption for loss of gross profit due to an epidemic and/or pandemic outbreak within a defined area. This affordable protection for the invisible risk covers future outbreaks of known diseases such as Ebola and corona viruses, as well as unknown newly emerging viral diseases. An optional add-on coverage module for variants of influenza such as Swine Flu or Avian Flu is also available.
Pandemic Protector is available to public and private sector entities of all sizes and across most major industries. It provides access to specialized epidemic risk management experts to assist in outbreak mitigation and preparation. Pandemic Protector is the most affordable solution in the market with minimum premiums starting at $35,000. Further, this customized policy offers flexible definition of epidemic triggers to meet the unique needs of the insured. Coverage can be triggered based on the number of fatalities in the covered area, or coverage can respond when the World Health Organization (WHO) declares the disease a Public Health Emergency of International Concern (PHEIC), or finally coverage can respond when the WHO declares the disease a PHEIC and the covered area’s civil authority orders a lock-down.
If you would like to learn more about the Pandemic Protector insurance program, contact Consolidated today!