Terrorism insurance reinforcements will soon be expiring

terrorism insurance industry news 9/11 Memorial in 2004

Two competing renewal bills for the Act will soon be redefining the level of federal support for private insurers. As a result of a rash of damages and vandalism following the attacks on 9/11, terrorism insurance faced a total estimated loss of $32.5 billion, which caused insurers to start to create exclusions for the coverage for commercial properties across the country. Businesses struggled to be able to find coverage to protect themselves against financial losses from acts of terror. The concern from cities and states was that this lack of…

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