Friday, September 14th, 2001 — As messages of sympathy continued to pour in from around the world, the global insurance industry began facing up to the daunting task of paying claims on what most observers believe will be the largest insured loss ever suffered.
Initial concerns that statements by President Bush and other political leaders that Tuesdays attack on the World Trade Center and the Pentagon amounted to "Acts of War," which might lead to a denial of coverage, have not materialized. Many in the industry have come forward to affirm that terrorist acts are covered by most property/casualty policies, and that claims will be paid.
Candysse Miller of the Insurance Information Institute office in Los Angeles explained that war exclusion clauses were invoked only in the case of a declared war between two countries.