Hmmm… sounds like a technicality is being exploited. Of course the Boston bombing was an act or terrorism – and most likely there were others involved. The aggregate loss of property, wages (of the businesses directly hit – not to mention the lost wages of the wounded/killed and the wounded/killed’s family members that stopped working to fly to Boston) surely exceeds 5 million. And what about the costs associated with the investigation and manhunt? Someone needs to sharpen their pencil.
Isn’t it a shame that this administration cannot admit that this was an act of Terrorism? What would they say it was then, Workplace Violence or man made disaster?
Massachusetts Insurance Commissioner Joseph Murphy told Insurance Journal in April that with claims as of Jan. 24, 2014, there were 207 Boston bombing-related P/C claims that were reported by the state’s top 25 insurers and the residual market insurer, and that among them, some 96 percent have been resolved, with the overall paid loss of about $2 million.
I’m not sure many people or even most insurance agents understand that this being declared NOT a certified terrorist event is a good thing for the businesses that were affected. TRIA is very clear in that the $5MM threshold must be met and only using property, casualty, and work comp losses. There were basically NO work comp claims and so the threshold was not even close to being met. This allows the terrorism exclusions to NOT be triggered and therefore coverage to be available for property and business income losses. Oh, and also, TRIA was developed/defined/and enacted under a different administration!
Hmmm… sounds like a technicality is being exploited. Of course the Boston bombing was an act or terrorism – and most likely there were others involved. The aggregate loss of property, wages (of the businesses directly hit – not to mention the lost wages of the wounded/killed and the wounded/killed’s family members that stopped working to fly to Boston) surely exceeds 5 million. And what about the costs associated with the investigation and manhunt? Someone needs to sharpen their pencil.
Isn’t it a shame that this administration cannot admit that this was an act of Terrorism? What would they say it was then, Workplace Violence or man made disaster?
Massachusetts Insurance Commissioner Joseph Murphy told Insurance Journal in April that with claims as of Jan. 24, 2014, there were 207 Boston bombing-related P/C claims that were reported by the state’s top 25 insurers and the residual market insurer, and that among them, some 96 percent have been resolved, with the overall paid loss of about $2 million.
I’m not sure many people or even most insurance agents understand that this being declared NOT a certified terrorist event is a good thing for the businesses that were affected. TRIA is very clear in that the $5MM threshold must be met and only using property, casualty, and work comp losses. There were basically NO work comp claims and so the threshold was not even close to being met. This allows the terrorism exclusions to NOT be triggered and therefore coverage to be available for property and business income losses. Oh, and also, TRIA was developed/defined/and enacted under a different administration!