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- Act-Of-War Determination Will Influence Coverage.(property insurance World Trade Center)(Brief Article)
- The question of the day for the insurance industry and its policyholders might not simply be how many billions of dollars will be sustained in losses from last week's terrorist attack on the World Trade Center towers, but whether the action is procla The question of...
- Research articles 2001-09-17
- Property Insurance And The Attack On The U.S.
- Although one of the immediate issues raised after the attacks on Manhattan and the Pentagon was whether the attacks could be considered "war" for the purposes of insurance coverage, another significant question will be the number of occurrences arising from those events, and how that will affect coverage. Disputes over...
- White papers 2003-01-01
- War And Military Action Exclutions: Property Insurance And The Attack On The U.S.
- This article discusses questions of coverage for property loss, business interruption, and additional living expenses in the wake of the Sept. 11 terrorist attacks. In light of the catastrophic nature of the losses of Sept. 11, many have asked Property Loss Research Bureau whether the attacks could be considered "war"...
- White papers 2003-01-01
Additional Resources
- Attack on America: The Insurance Coverage Issues 2: General Coverage Provisions
- The article states that Commercial property insurance policies are designed to cover direct loss to insured property, such as buildings and their contents. The first prerequisite to coverage under a property insurance policy is that damage result from a covered peril. Terrorism can be viewed as a form of vandalism,...
- White papers 2001-09-01
- Texas Appellate Court Addresses Whether First-Party Property Policy Covers Losses From A Hacker Attack
- In a recent decision, a Texas intermediate appellate court ruled that a first party property insurance policy might cover lost computer data and lost business income resulting from a hacker attack. The policyholder was an employment agency that matched prospective employers and employees for a fee. In February 2000, the...
- White papers 2003-07-01
- Attack on America: The Insurance Coverage Issues 1: War Risk Exclusions
- The article states that America is at war. The entire world reacted with shock and horror in response to the September 11 terrorist attacks. The immediate off-the-cuff reaction of most knowledgeable insurance professionals was that the attack was not an event intended to be excluded by war risk insurance exclusions....
- White papers 2001-09-01
- Insuring Electronic Property
- Classic business insurance that protects tangible assets cannot apply in the cyber realm. Several major insurers and brokerages agree that a whole new line of insurance is needed to cover the world of "e-commerce. To the architects of these policies, standard commercial property and inland marine forms created to address...
- White papers 2001-04-01
- The New Federal Insurance Program for Terrorist Acts: How It Works and the Open Issues
- Since the terrorist attacks of September 11, 2001, it has become increasingly difficult for businesses and individuals to obtain property and casualty insurance at reasonable rates to protect against future terrorist attacks. The lack of terrorism coverage has hampered the construction and real estate industries in many urban markets. This...
- White papers 2003-02-17
- Insurance Guidelines Rank Minnesota as Low-Risk Area for Terrorist Attack.
- By Sheryl Jean, Saint Paul Pioneer Press, Minn. Knight Ridder/Tribune Business News Feb. 25--The Twin Cities and the rest of Minnesota rank as low-risk areas for a terrorist attack, according to insurance pricing guidelines set recently by the Insurance Services Office. ...
- Research articles 2003-02-25
- Implications For The Insurance Industry
- All sectors of the insurance industry, including property/casualty, life/health and reinsurance, are certain to be severely affected by the terrorist attack on the World Trade Center and the Pentagon, as well as the airplane crash in Pennsylvania. The uninsured and economic losses of the event also are huge, but the...
- White papers 2003-01-01
- Summary Of The Terrorism Risk Insurance Act Of 2002
- The "Terrorism Risk Insurance Act of 2002" ("TRIA") is intended to stabilize property and casualty markets that have been suffering from the unavailability and high prices of insurance. TRIA provides a Federal backstop for terrorism losses through a program whereby the Federal government assumes most of the risk of a...
- White papers 2002-12-12
- Determining the Number of Occurrences: Property Insurance and the Attack on the U.S.
- This is the third in a three-part serics discussing questions of coverage for property loss, business interruption, and additional living expenses following the attacks on Manhattan and the Pentagon. Perhaps the most difficult issues faced by property insurers in the wake of the...
- Research articles 2002-01-01
- Terrorism and Insurance
- The September 11, 2001 terrorist attack resulted in an estimated $32.5 billion in insured losses. Those losses occurred across many types of coverage, including commercial property, business interruption, workers compensation, aviation, life and disability insurance. Future attacks on U.S. soil are also likely to trigger a wide range of insurance...
- White papers 2004-07-01
- Terrorism & Insurance
- The September 11, 2001 terrorist attack resulted in an estimated $32.5 billion in insured losses. Those losses occurred across many types of coverage, including commercial property, business interruption, workers compensation, aviation, life and disability insurance. Future attacks on U.S. soil are also likely to trigger a wide range of insurance...
- White papers 2004-07-01
- War, Terrorism Definitions Affect Insurance Policies.
- By Jim McCartney, Saint Paul Pioneer Press, Minn. Knight Ridder/Tribune Business News Sep. 15--Was the attack on the World Trade Center and Pentagon an act of war or an act of terrorism? For affected businesses and individuals and their insurance companies, that could...
- Research articles 2001-09-15
- WTC coverage dispute widens; Silverstein sues insurers over property near twin towers.(News)
- Byline: DOUGLAS McLEOD NEW YORK-World Trade Center leaseholder Silverstein Properties Inc., already embroiled in litigation over property coverage for the WTC's twin towers, has launched a new lawsuit against insurers of another building destroyed in the Sept. 11, 2001, terrorist attack. ...
- Research articles 2003-05-12
- Catastrophic Losses versus Growth Potential: Analysis of Post-WTC Attack Earnings Forecasts of Insurance Industry
- The terrorist attack on the World Trade Center WTC on September 11th, 2001 had an enormous impact on the insurance industry. According to Swiss Reinsurance (2002), estimated insured loss is between $30 and $58 billion. Simultaneously, this event has greatly changed how the insurance industry and the public view terrorist...
- White papers
- TRIA and Beyond: What Would Be the Most Effective Way for the Nation to Recover From (Mega)-Terrorist Attacks?
- Estimating the risk of a terrorist attack is problematic because of limited historical data, divergent models, and differing expert judgments on the likelihood and impact of an attack. Therefore, professionals seeking to manage the risk are further challenged by uncertainty over whether to buy insurance, by how to conduct appropriate...
- White papers 2005-02-25
- Terror-Insurance Cost May Go Up
- Seattle has been ranked a second-tier terrorist target by a national property and liability risk rating agency. That means higher premiums for local property owners that either choose to pay for terrorism insurance or are required to do so by their lenders. While the city's risk of attack ranks well...
- White papers 2003-01-24
- How The Events Of 9/11 Have Affected Lease Rent Abatements
- As the economic reverberations of the September 11, 2001 terrorist attacks continue to resound, the impact of the day's events upon traditional lease provisions are beginning to dramatically unfold. In response to the attack, most commercial insurance carriers reacted by limiting or excluding terrorism coverage in their commercial property insurance...
- White papers 2003-10-14
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