It could be months--maybe even a year--before an accurate estimate of all the business interruption losses from the terrorist attacks in New York can be developed, says the National Association of Independent Insurers.
The Des Plaines, Ill.-based NAII attributes the delay to the large number of businesses affected by the attacks, the length of time it will take to repair the damages, and the wide variety of coverages.
The NAIC speculates that the loss figure may rise over time if telecommunications problems persist, particularly for financial services companies. The group also thinks contingent business interruption losses for companies not directly affected by the disasters could soar.
Donald Griffin, NAIC director of business and personal lines said, "Business interruption claims will be among the first to be submitted and paid."
