The Drone Owner’s Guide to Insurance

Terrorism Insurance for Small Businesses: Q&A

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What is Terrorism insurance?

Terrorism insurance is not covered by your general insurance policy, so it must be added separately by an endorsement.  The Terrorism Risk Insurance Act (TRIA) ensures that adequate coverage is available for businesses that have to recover or rebuild after a terrorist attack.  Before you waive terrorism insurance consider the following questions and have a discussion with your insurance agent.

Q: What is typically covered?

A: Terrorism insurance covers damaged and destroyed property including  building, furnishings, equipment and documents.  It may also cover losses from business interruption and liability claims you may face.

Q: Let’s say I’m interested. How does it work?

A: Losses are only covered if the U.S. Department of Treasury officially states the event is an act of terrorism. The act has to be done by an individual, or individuals that commit harmful acts against U.S. civilians or the U.S. government. The act must cause at least $100 million in damages and $5 million in property/casualties for it to be determined a terrorist attack. Both foreign and domestic forms of terrorism are covered.

Learn more about this important topic by contacting Hoffman Brown Company in Sherman Oaks, California.

COVID-19 Update:

The Coronavirus, officially COVID-19, has become a global health emergency. One of the measures Hoffman Brown Company has taken to keep our CLIENTS and Teammates safe was to design a complete virtual work environment. For the foreseeable future, our colleagues will be conducting business virtually to avoid any disruption in our ability to serve you. These measures are based on the CDC’s guidance and will evolve with the situation. Please know that we are fully functional, available and look forward to being of service.