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Article: Terrorism cover up in air while Congress battles over backstop. (Cover Story).
- Article from:
- National Underwriter Property & Casualty-Risk & Benefits Management
- Article date:
- November 4, 2002
- Author:
CopyrightCOPYRIGHT 2002 The National Underwriter Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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With no federal terrorism backstop officially in place, terrorism coverage continues to be offered by very few companies at very high prices. That's not likely to change come renewal time unless Congress actually passes legislation to reinsure and reassure jittery carriers, industry leaders say.
Swiss Reinsurance, for one, has been excluding terrorism from its regular treaties. "We are writing a small amount of terrorism coverage on a sublimited basis, but it is modest in size, and it is, relatively speaking,...expensive," said Jacques Dubois, chairman, president and chief executive officer of Swiss Re America in New York.
He added that the terrorism ...