M
miles
Guest
Many, if not all life insurance policies do not cover acts of war or terrorism.
It's chilling.
It's chilling.
shadowsource
A Flash In The Pain
- Joined
- Jun 1, 2001
- Posts
- 1,664
and the buildings?
It's hard to imagine that the insurance companies continued to insure the WTC against terrorism after the 1993 event. The Port Authority was about to sell the towers for billions. All gone...?
It's hard to imagine that the insurance companies continued to insure the WTC against terrorism after the 1993 event. The Port Authority was about to sell the towers for billions. All gone...?
TN_Vixen
Rear Window
- Joined
- Sep 24, 2000
- Posts
- 7,710
insurance
Most life insurance, disability, and health, property & casualty coverages will include provisions for acts of terrorism. However, most do not include coverage for acts of war. It is *the* question going through the insurance industry at this time.
After the bombing of the WTC, exclusions were added to the coverages for acts of terrorism. It is entirely possible that the recoup for the costs associated with this tragedy will be significantly less than what will be needed.
Preliminary figures are approximately $20 billion dollars in damages where insurance is concerned. The primary problem will be the reinsurance companies having to struggle to maintain their position on the market for this huge loss. Future self-insured companies will have an even more difficult time securing an affordable reinsurer. This fact may push many large companies into the fully-insured arena.
Most life insurance, disability, and health, property & casualty coverages will include provisions for acts of terrorism. However, most do not include coverage for acts of war. It is *the* question going through the insurance industry at this time.
After the bombing of the WTC, exclusions were added to the coverages for acts of terrorism. It is entirely possible that the recoup for the costs associated with this tragedy will be significantly less than what will be needed.
Preliminary figures are approximately $20 billion dollars in damages where insurance is concerned. The primary problem will be the reinsurance companies having to struggle to maintain their position on the market for this huge loss. Future self-insured companies will have an even more difficult time securing an affordable reinsurer. This fact may push many large companies into the fully-insured arena.
Silverlily
Kitty Mama - East Coast
- Joined
- Aug 9, 2000
- Posts
- 13,101
Don't forget many of the victims were at work. That brings Workmen's Comp into play as well. In addition to private policies, many companies carry additional insurance to cover employees who die while performing required work duties. Being in one's office would certainly qualify.
I can't imagine insurance companies would pull a blanket refusal to pay benefits. Public backlash would be huge. My concern is how many insurance companies will be unable to cover the losses. I know additional measures were taken after events Like Hurricanes Hugo and Andrew and the flooding of the midwest, but will they be enough? Hopefully a combination of agencies will be adequate to cover without companies resorting to bankruptcy.
I can't imagine insurance companies would pull a blanket refusal to pay benefits. Public backlash would be huge. My concern is how many insurance companies will be unable to cover the losses. I know additional measures were taken after events Like Hurricanes Hugo and Andrew and the flooding of the midwest, but will they be enough? Hopefully a combination of agencies will be adequate to cover without companies resorting to bankruptcy.
GuyJD
"Simply.....the best"
- Joined
- Jul 25, 2000
- Posts
- 4,898
**NO OFFENSE AT ALL TO YOU SIREN**
The main thing that came to my mind was how quickly the "ambulance chasing" lawyers may react to this disaster. Each airline involved and the State of New York may become victims of such individuals who see dollar signs rather than human dignity.
The main thing that came to my mind was how quickly the "ambulance chasing" lawyers may react to this disaster. Each airline involved and the State of New York may become victims of such individuals who see dollar signs rather than human dignity.
