TT CLUB REINSTATES TERRORISM COVER FOR MEMBERS

TT CLUB REINSTATES TERRORISM COVER FOR MEMBERS    The TT Club, an insurance mutual for ship operators, terminals, stevedores, port authorities, logistics providers and freight forwarders, said Wednesday it has arranged reinsurance protection for terrorist risk for its members.
   The terrorism cover has been reinstated under most of the TT Club’s “Handling Equipment and Property” covers at little or no additional premium.
   “In view of the situation prevailing in the reinsurance market in the aftermath of Sept. 11, the TT Club, in common with other primary insurers, had been forced to terminate terrorism cover for static risks at the end of 2001,” the TT Club said in a statement.
   Static risks include buildings, wharves — the physical infrastructure of terminal facilities. The club’s cover for non-static risks, such as forklift trucks and chassis, has remained in effect. A major factor enabling the TT Club to restore its terrorism cover for static risks has been Pool Re, the reinsurance pool backed by the British government, which the club recently joined. The reinstated cover does not apply to property or handling equipment in Northern Ireland.
   The mutual club, based in the United Kingdom, now markets itself as the TT Club instead of the Through Transport Club, its legal name. It provides liability and equipment insurance for 70 percent of the world’s container fleet, more than 2,000 ports and terminals, and 4,000 transport and logistics operations.