October 30, 2013
A majority of risk professionals believe expiration of the federal terrorism reinsurance program would result in a decrease of affordable terrorism coverage or, even, the total elimination of the coverage, according to a poll by the Risk and Insurance Management …
October 7, 2013
Ironshore Inc. announced that its global Terrorism & Sabotage program to protect against diverse risk exposure worldwide has increased capacity to up to U.S. $300 million. The insurance coverages are underwritten by Ironshore’s Lloyd’s Pembroke Syndicate 4000. The Terrorism & …
September 4, 2013
XL Group has added a crisis management team to provide corporate clients in the U.S. with product recall, war, terrorism and political violence, kidnap, ransom, and extortion insurance. Led by Denise Balan in New York, the new team has underwriters …
August 1, 2013
If Congress fails to renew or makes significant changes to the federal government’s terrorism risk insurance program, some insurers will be forced to significantly alter their underwriting portfolios to reduce terrorism exposures. Also specialty or monoline workers’ compensation or commercial …
July 19, 2013
The property/casualty insurance industry should not count on Congress reauthorizing the federal terrorism reinsurance program this year or in time for January renewals, according to a key insurance lobbyist working on the issue on Capitol Hill. If Congress agrees to …
June 21, 2013
An insurance industry association is applauding the New York Assembly for adopting Resolution K611-2013, urging the New York State Congressional delegation to take action as soon as possible to extend the federal Terrorism Risk Insurance Act. Additionally, the New York …
May 29, 2013
Ironshore International has launched an insurance product that responds to the heightened risk exposure associated with high-profile events. The new product, “SecurEvent,” is a single broad form policy that offers a suite of coverage protection, including broad form contingency, general …
May 15, 2013
The continued threat of a terrorist attack or political violence worldwide persists and is not going away anytime soon. Despite 19 countries showing improved terrorism and political violence ratings, according to Aon’s 2013 Terrorism and Political Violence Map, 44 percent …
May 13, 2013
President Barack Obama’s declaration that the Boston Marathon bombings were an act of terrorism could make it difficult for many affected businesses to be reimbursed for losses resulting from the explosions. Federal law enacted after the 9/11 terrorist attacks requires …
May 9, 2013
A consumer advocacy group says the property/casualty insurance industry has been getting a sweet deal worth about $7 billion as a result of the federal government’s program to help pay terrorism insurance claims after private insurance is exhausted. An industry …