terrorism insurance News

Boston Marathon Attacks Convinced Smaller, Midsized Firms to Buy Terror Insurance

For landlord Peter Zagorianakos, terrorism insurance wasn’t a necessity until the bombs went off last April at the Boston Marathon and revealed a frightening pattern. Two buildings he owns stand within a half-mile (0.8 kilometer) of the race’s finish line …

N.Y. Sen.: TRIA Renewal Vital for Economic Development in Cities Across Country

The U.S. Senate is close to extending an insurance program Sen. Charles Schumer said is vital to New York’s post-9/11 resurgence and economic development in cities across the country. Schumer, D-N.Y., introduced a bill on April 10 that would extend …

Senators Announce Bipartisan Bill to Reauthorize Terrorism Insurance

A bipartisan group of U.S. senators has agreed on legislation to extend the government’s financial backstop of terrorism insurance for seven years. The legislation would raise private insurers’ co-payments to 20 percent from 15 percent. “In the long shadow of …

Commercial Insurance Markets Looking Favorable for Buyers in 2014: Marsh

The ample capacity and competition that helped temper firming of U.S. commercial insurance rates in 2013 is expected to continue into 2014, unless catastrophe losses turn out higher than expected, according to a report by insurance broker Marsh. U.S. commercial …

Terrorism Insurance Extended to Four Airlines

U.S. government insurance that guarantees airlines are covered against terrorism and war was extended for four carriers, including Virgin America Inc., that otherwise would have lost coverage at the end of the year. President Barack Obama extended the insurance for …

Court Shields Developers From Terrorism-Related Damages in 9/11 Case

A federal appeals court in New York has given developers and builders of high-rises and other buildings added protection from lawsuits over property losses linked to terrorism, in a case stemming from the Sept. 11, 2001 attacks. A divided panel …

Risk Managers: Loss of TRIA Would Limit, Possibly End, Terrorism Coverage

A majority of risk professionals believe expiration of the federal terrorism reinsurance program would result in a decrease of affordable terrorism coverage or, even, the total elimination of the coverage, according to a poll by the Risk and Insurance Management …

Ironshore Increases Global Terrorism Coverage Capacity

Ironshore Inc. announced that its global Terrorism & Sabotage program to protect against diverse risk exposure worldwide has increased capacity to up to U.S. $300 million. The insurance coverages are underwritten by Ironshore’s Lloyd’s Pembroke Syndicate 4000. The Terrorism & …

XL Group Assembles Crisis Management Team in U.S.

XL Group has added a crisis management team to provide corporate clients in the U.S. with product recall, war, terrorism and political violence, kidnap, ransom, and extortion insurance. Led by Denise Balan in New York, the new team has underwriters …

P/C Industry Faces Challenges If Terrorism Coverage Not Renewed: Fitch

If Congress fails to renew or makes significant changes to the federal government’s terrorism risk insurance program, some insurers will be forced to significantly alter their underwriting portfolios to reduce terrorism exposures. Also specialty or monoline workers’ compensation or commercial …