Financial Services Industry
Industry: Email Alert RSS Feed9/11 spotlights business interruption threat: what is the art and science of establishing the accurate limit of coverage?(RM Tools & Techniques)
National Underwriter Property & Casualty-Risk & Benefits Management, April, 2004 by Reitz, Diana
ALL (INSURANCE) EYES ARE trained on a courtroom in New York, watching the drama unfold in the multibillion-dollar litigation over destruction of the World Trade Center on Sept. 11, 2001. Pundits favoring opposite sides of the courtroom aisle continue to debate whether two planes colliding into two buildings of the WTC constitute--for insurance interests--one or two occurrences.
The amount at stake? A payout of some $3.5 billion versus a possible $7 billion. Yet another issue at stake is business interruption. Lord Peter Levene, chairman of Lloyd's, noted last fall in an address to the New York Risk and Insurance Management Society that due to the Sept. 11 terrorist attacks, "thousands of businesses were disrupted--some many miles, even thousands of miles...
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