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#7003 - 11/26/01 02:18 PM Terrorism exclusions?
Richard Insley Offline
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Richard Insley
Joined: Oct 2000
Posts: 10,010
Toano, VA
Do standard casualty insurance policies for commercial properties contain routine exclusions for losses due to acts of terrorism? Have insurers made public statements to the effect that they will not pay claims of the type that must be arising from the WTC attack?
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#7004 - 11/26/01 02:51 PM Re: Terrorism exclusions?
1 Peter 5:7 Offline
Diamond Poster
1 Peter 5:7
Joined: Jun 2001
Posts: 1,339
TX
Typically there's an "act of war" exclusion. I've read that the big reinsurers are considering covering the WTC loss anyway and calling it's cause as something other than an act of war. But I've read that direct commercial insurers are now covering their backsides by specifically excluding "terrorist acts". Fodder for future litigation, no doubt.

[This message has been edited by Ken Holmes (edited 11-26-2001).]

[This message has been edited by Ken Holmes (edited 11-26-2001).]

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#7005 - 11/26/01 03:06 PM Re: Terrorism exclusions?
Gotwood Offline
Platinum Poster
Joined: May 2001
Posts: 715
The Wall Street Journal editorial (11/26/01)-RISKY BUSINESS, and a narticle by the CEO of AIG, Inc., discuss this very issue.

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