The Retailer Autumn Edition 2021

manage that risk.” ‘‘

Terrorism is like any other risk in terms of making sure a business understands what the exposure is, what the impact might be and what levers it has in its control to

Don’t downgrade the threat level

Retailers should checkwhether their insurance will respond to these different circumstances and different types of losses. Many policies include non-damage business interruption cover, but it isworthwhile confirming things like the trigger, limits and time deductible. Exposure to potential liability as a result of a failure of duty of care particularly in the context of Martyn’s Lawshould be reviewed; both the preparation & response management, as well as the Casualty programme accommodation of the exposure. Another area worth considering is cover for malicious acts. Some of the terrorist events being seen as blurring the lines between acts of violence and acts of terrorism, withMalicious covering a greater spectrum of violent acts.

For further information on the issues discussed in this article, please contact Scott Bolton.

As retail heads into one of its most critical peak periods, anything that can derail the potential to claw back some of the lost revenue over the last two years will be catastrophic. While many retailers have been – understandably so – focused on issues like COVID, supply chain issues, and the challenges of getting products to market, their planning and preparation for a possible terrorist attack may have slipped down their priorities even while the threat rises. It’s a risk, however, that cannot afford to be ignored as a genuine threat to the safety of shoppers and employees but also one that has the ability to destroy balance sheets and reputations.

Scott Bolton 07714 638759 Scott.bolton1@aon.com

References: https://www.bbc.co.uk/news/uk-58512901 Whilst care has been taken in the production of this article and the information contained within it has been obtained from sources that Aon UK Limited believes to be reliable, Aon UK Limited does not warrant, represent or guarantee the accuracy, adequacy, completeness or fitness for any purpose of the article or any part of it and can accept no liability for any loss incurred in any way whatsoever by any person who may rely on it. In any case any recipient shall be entirely responsible for the use to which it puts this article. This article has been compiled using information available to us up to 8/10/21.