Terrorism Insurance Coverage for Commercial Property—A Status Report
- Topics:
- Property,
- Terrorism Insurance
- Tags:
- Business Operations,
- Commercial Property,
- Corporate Insurance,
- Financial Services,
- Government,
- Homeland Security,
- Status Report,
- Terrorism,
- Terrorism Insurance
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Overview: By affecting many lines of coverage, the losses associated with September 11 aggregated to a sum previously unthinkable in risk management and insurance circles. As a result, insurers have reacted quickly and decisively over the past 10 months to address the catastrophic exposure to loss associated with terrorist attacks. Of course their reaction has been to limit or exclude terrorism coverage in commercial property policies. Simultaneously, however, some insurers see an opportunity and have begun to offer stand-alone terrorism insurance coverage in the United States. Treatment of terrorism in commercial property policies will likely continue to evolve rapidly in the months to come. This article, which is based on information gathered through interviews with underwriters, agents, brokers and risk managers attempts to document the current state of the market for terrorism coverage in property insurance.
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Format: HTML | Date: Jun 2002 | Pages: 1
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