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Businesses asking more about 'malicious acts' coverage

McMahon adds it's not something businesses want to advertise that they are buying because they don't want customers to be afraid. (Source: Flickr Commons) McMahon adds it's not something businesses want to advertise that they are buying because they don't want customers to be afraid. (Source: Flickr Commons)
NEW ORLEANS, LA (WVUE) -

A brazen armed robbery at a popular Uptown restaurant with customers still inside. A deadly shooting at a Lafayette movie theater. Unfortunately, it’s a sign of the times we live in the reason why some Louisiana businesses are now looking into buying a new kind of insurance policy. 

"It's top of mind," Eustis Insurance and Benefits President Tommy McMahon Jr. said.

You've probably never heard of terrorism insurance. It's a policy that some businesses purchase to protect them in the event of an attack. Now, there's a new type of coverage out there, and McMahon says businesses are asking more about it since the Lafayette theater shooting.

"These things just continue to occur, and I think that is the reason you're seeing this type of coverage grow some momentum," McMahon said.

It's called "malicious acts" coverage, and McMahon says what happened at the popular Uptown restaurant Patois on Thursday night would be a perfect example of why a business might choose to buy it. Armed gunmen stormed into the restaurant and held up customers and staff. And, in Lafayette last month, a gunman killed two women inside a movie theater and shot and injured nine others.

"It would cover something similar to what happened at Patois last night where the crime doesn't rise to the level of terrorism," McMahon said. "In the case of the theater shooting in Lafayette, surrounding businesses could have a drop in revenue because the theater might have been an anchor-type store to their business."

McMahon says malicious acts coverage has only been on the market for the past year or two but, he believes in the next two to three years, you could see this type of coverage gain traction with any business where the public gathers. 

McMahon adds it's not something businesses want to advertise that they are buying because they don't want customers to be afraid, but he says it's now a reality.

Copyright WVUE 2015. All rights reserved.

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