Tuesday, September 11th, 2001 — The horrible terrorist attacks on the World Trade Center towers will be the most costly man-made catastrophe in U.S. history, according to the Insurance Information Institute. Insured losses are likely to be in the billions of dollars, but it will be some time before an accurate assessment of the total impact can be made, cautions the III.
Property insurance policies generally cover damage from fire, explosion, smoke, or other property or liability loss that occurs. Insurance policies do exclude war, but this is generally defined as a declared war between nations. In light of increased global terrorism, some commercial insurance policies may have exclusions for damage caused by terrorist attacks. Aviation policies will also be impacted.