RealNews

Study Flags Gaps in Terrorism Insurance

Gaps in Terrorism Insurance Leave U.S. Economy Vulnerable to Losses, Think Tank Study Finds. Significant gaps in the nation’s terrorism insurance program could slow efforts to revive the economy after future attacks, according to a study released Monday. Many insurance policies protect against foreign terrorists, but don’t cover losses caused by homegrown terror groups or even attacks involving chemical, biological, nuclear or radiological weapons, which are among America’s top threats, a report by Rand Corp. finds. Though scores of companies obtained coverage after a 2002 federal law freed up billions of dollars to help insurers pay claims, many businesses haven’t bothered taking out policies. Terrorist coverage currently equals only half the amount of commercial assets protected by other insurance policies, said Bob Reville, co-author of the study by the Santa Monica-based think tank. Full Story

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