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07 January 2003   

 

D.C. Disputes Insurance Study Raising Rates For Terrorism (washingtonpost.com)

"A new federal terrorism insurance law signed late last year by President Bush requires companies to begin offering coverage for potentially catastrophic losses by Feb. 24. The federal government agreed to cover 90 percent of damages in excess of $10 billion, up to $100 billion.

But while the law mandates coverage, pricing remains a problem for major cities such as Washington because there is little experience with terrorist attacks, yet the cost is potentially astronomical."

Once again the US is leading the way. Here we are told that terrorism is like an act of god and won't be paid on.


706 Also posted to: warBlog . At: 11:07:45 AM  . .
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Other title(s) for this story: D.C. Disputes Insurance Study Raising Rates For Terrorism (washingtonpost.com)