The Terrorism Risk Insurance Act of 2002: Coverage in a Post-9/11 World
- Topics:
- Insurance
- Tags:
- Business Operations,
- Corporate Insurance,
- Goodwin Procter,
- Government,
- Homeland Security,
- Insurance,
- Terrorism,
- Terrorism Insurance,
- Terrorism Risk Insurance Act
- Source:
- Goodwin Procter
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Overview: The paper outlines that before September 11, 2001, terrorism coverage was routinely included in commercial insurance policies. Insurance claims from the September 11th attacks were estimated at $40 billion to $50 billion with property insurers covering most of the losses. As a result, primary insurers drastically raised their premiums or eliminated terrorism coverage entirely; often both in pre-existing and new policies, and reinsurance companies stopped providing terrorism insurance to primary insurers. More than $15 billion in real estate transactions were put on hold or canceled because owners and investors could not obtain terrorism insurance protection.
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Format: PDF | Size: 78KB | Date: Feb 2003 | Pages: 3
