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 …
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 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 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 …
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 …
The property/casualty insurance industry should not count on Congress reauthorizing the federal terrorism reinsurance program this year or in time for January renewals, according to a key insurance lobbyist working on the issue on Capitol Hill. If Congress agrees to …
An insurance industry association is applauding the New York Assembly for adopting Resolution K611-2013, urging the New York State Congressional delegation to take action as soon as possible to extend the federal Terrorism Risk Insurance Act. Additionally, the New York …
Ironshore International has launched an insurance product that responds to the heightened risk exposure associated with high-profile events. The new product, “SecurEvent,” is a single broad form policy that offers a suite of coverage protection, including broad form contingency, general …
The continued threat of a terrorist attack or political violence worldwide persists and is not going away anytime soon. Despite 19 countries showing improved terrorism and political violence ratings, according to Aon’s 2013 Terrorism and Political Violence Map, 44 percent …
President Barack Obama’s declaration that the Boston Marathon bombings were an act of terrorism could make it difficult for many affected businesses to be reimbursed for losses resulting from the explosions. Federal law enacted after the 9/11 terrorist attacks requires …
