Companies Will Receive Insurance Benefits For Improving Their Security Against Terrorism

Companies will receive insurance benefits for improving their security against terrorism under a new initiative launched today.

Firms who take part in a scheme set up to help protect busy public sites and venues from attacks will be able to reduce their costs by applying for a loss mitigation credit (LMC) from October.

Businesses which own commercial sites across the UK, such as shopping centres, hotels, pubs, sports stadia or cinemas, will be eligible if they engage in the Government’s Crowded Places programme.

Metropolitan Police Assistant Commissioner Mark Rowley, the country’s most senior counter-terrorism officer, said: “This scheme is an excellent example of the police and private sectors working closely together to keep people safe from the threat of terrorism.

“The Crowded Places scheme provides security improvements for businesses and their customers at their premises.

“It is a testament to its effect that they can benefit financially from reduced insurance costs.”

Last year the National Counter Terrorism Security Office (NaCTSO) developed an assessment tool for companies and sites to use to review their security against terrorist attacks.

Specialist advisers located in every police region are working with owners and operators at hundreds of sites to provide advice and guidance to help them detect, deter or reduce the impacts of a terrorist attack.

The threat level in the UK currently stands at severe, meaning an attack is deemed highly likely.

The new initiative has been jointly devised by the Home Office, Treasury and police, and agreed with Pool Re, a public private partnership set up to ensure cover continues to be offered for damage caused by acts of terrorism.

Details will be set out today by Chief Inspector Paul Howell, from the NaCTSO.

Security Minister John Hayes said: “Under the Counter Terrorism Strategy, the Government works with the private sector to improve security arrangements at hundreds of busy locations across the UK.

“I welcome this scheme, which will ensure that site owners who take appropriate steps to mitigate risks can be rewarded for their responsible action to keep the public safe.”