From: Bill Douglass (bill_douglass@onebox.com)
Date: Sun Sep 16 2001 - 18:23:04 MDT
---- "Harvey Newstrom" <mail@HarveyNewstrom.com> wrote:
> One thing I have not seen mentioned by anyone is insurance. All of
> the
> insurance policies I have seen specifically exclude war and acts of
> terrorism. As far as I know, none of the damage is covered by insurance,
> none of the equipment or losses will be reimbursed, and none of the
> life
> insurance policies will be honored. Does anybody have more specific
> information about the insurance industry's response to this?
>
> --
> Harvey Newstrom <http://HarveyNewstrom.com> <http://Newstaff.com>
I can recall seeing a report on one of the major TV networks sometime
in the last couple days, that one or more of the major WTC insurers had
issued a statement saying that, for the purposes of paying out claims,
the WTC attack would not be considered an act of war, and hence the claims
will still be paid. The other insurance companies will probably follow
suit, because the poor PR of not doing so would surely drive them out
of business. Of course paying the claims will drive at least some of
them out of business, too. The airlines are already angling to line
up at the government gravy train.. the insurance and reinsurance companies
will probably be next.
Of course, if the reinsurance company is based in Bermuda, it's a bit
harder for them to argue for a US govt bailout.
Worst-case scenario, through the bail-outs the govt winds up owning large
chunks of major corporations such as AIG (HUGE insurance firm) and Continental
Airlines, if not outright nationalizing them, which, horribly, is already
being talked about for the airline industry.
Best,
Bill
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