RealNews

Few companies buying terror insurance

Insurers have until Monday to tell commercial property clients how much they will charge for terrorism coverage, but few policyholders are buying. As little as 10 percent to 15 percent of property owners are buying the terrorism coverage, said Suzanne Douglass, managing director of the property insurance practice at Willis Group Holdings Ltd., an insurance broker. One reason is the price, Douglass said. Rates range from 2 percent of the property premium to as much as 150 percent, she said. “We do have a number of clients who will tell you, ‘I don’t perceive myself as being at risk,'” Douglass said. Under the federal Terrorism Risk Insurance Act passed late last year, primary insurers in the United States have until Monday to send quotes to customers who had acts of terrorism excluded from their policies following the Sept. 11 terrorist attacks in New York and Washington. Others will receive quotes when their insurance comes up for renewal this year. Full Story

OODA Analyst

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