Terrorism insurance program overdependence not recommended by A.M. Best

Terrorism Insurance

The rating agency has said that this tendency could lead to a considerable problem in the United States. A.M. Best, the large rating agency, has provided insurers with a bold recommendation, which is not to build an overreliance on whether or not there is a reauthorization of the terrorism insurance program in the United States. The future of that program remains up in the air and A.M. Best feels that it is wiser not to completely rely on it. The agency feels that insurers should not count on the Terrorism…

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Insurance industry remembers September 11

September 11 insurance industry losses

The terrorist attacks that happened twelve years ago will never be forgotten by individuals or businesses. The horrific and devastating attacks on the United States on September 11, 2001 were far from local events, having caused a ripple felt around the world and that are remembered today, on their anniversary, by everyone from individuals to governments, and to the insurance industry. The terrorist attacks took their toll on our lives, our sense of safety and security, and even on our financial wellbeing. The human impact was, by far, the most…

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Terror insurance coverage concerns felt by New York property owners

Terrorism Risk Insurance industry

The commercial real estate market in NYC is concerned about the upcoming expiry of the TRIA. New York City’s commercial real estate market is now facing worries about a threat that could shake its stability, when federal terror insurance reaches its expiry date in 2014. The Terrorism Risk Insurance Act was enacted in 2002 and uses taxpayer dollars to cover these disasters. The act was put into place the year following 9/11 and uses American taxpayer funds to provide protection for private insurers so that they can offer terror insurance…

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This week in insurance news video round up

Below please find our notes and links about video featured insurance news… Health insurance shows 84 million Americans uninsured or underinsured for a span of 2012 According to research conducted by the Commonwealth Fund, there were 84 million people who either went uninsured or underinsured for a span of time in 2012. The reason has to do with a provision of the Affordable Care Act that allows young adults to remain on the health insurance plans of their parents for longer periods of time. In the case of underinsurance, research…

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Insurance industry may not be liable for payouts relating to Boston Marathon Bombings

Insurance Industry Boston sports

Insurance industry may be exempt from claims payouts The Boston Marathon Bombings continue to send ripples throughout the insurance industry as more details concerning the disaster come to light. Last week, President Obama declared that last week’s bombings were, in fact, an “act of terror” perpetrated by a malicious party. The federal government has been pressured to avoid the term “terrorism,” however, due to the implications that could have within the insurance industry. Classifying the disaster as terrorism could potentially exempt insurance companies from providing benefits to policyholders. Bombings may…

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Insurance news made by the goodwill of the internet community for bomb victim

Insurance News

An uninsured hero from the bombing in Boston has had his story go viral and people want to help. The story of a man who lost both of his legs in the bombing at the Boston Marathon has started making insurance news, as the world discovered that despite his injuries, he was a part of the identification of the attackers. The man’s name is Jeff Bauman, who is uninsured and who helped to I.D. the bombers. The insurance news story went viral very quickly and the internet community responded with…

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Insurance industry expected to react to Boston Marathon bombing

Insurance industry News

Bombing sends ripples throughout insurance industry The Boston Marathon was held in Massachusetts earlier this week and served as the scene for a gruesome attack that claimed the lives of three people and left over one hundred wounded. Three bombs went off at the finish line of the Boston Marathon fairly late into the event. U.S. officials are still investigating the event, hoping to unearth details leading to the apprehension of the responsible party. While the investigation may not have an immediate solution, the Boston Marathon bombings may have a…

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