Terrorism Risk and Insurance

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On November 24, Iran entered into a Joint Plan of Actionwith the United States, China, the Russian Federation, France, Germany, and the United Kingdom (the “E3/EU+3”), whereby in exchange halting to certain uranium enrichment activities and agreeing to be monitored by the International Atomic Energy Agency, the E3/EU+3 agreed to, among other things, suspend U.S. and E.U. sanctions on Iran’s petrochemical exports and associated services (“Joint Plan”). …
Read More Suspension of U.S. and E.U. Sanctions on Insurance Related to Iran’s Petrochemical Exports

On Wednesday U.S. District Judge Alvin K. Hellerstein dismissed on summary judgment a lawsuit by several companies associated with World Trade Center developer Larry Silverstein (the “WTC Developers”) which sought to recover funds from a $1.2 billion settlement between their insurers and several airlines and airport security companies (the “Aviation Defendants”).
Read More World Trade Center Developers Were Fully Compensated by $4.091 Billion in Insurance Proceeds, and Thus Cannot Recover Additional Funds from Insurers

On July 18th, federal U.S. District Court Judge Alvin Hellerstein ruled against Silverstein Properties Inc. (“Silverstein”) in its quest to recover damages from American Airlines and United Airlines as a result of the terrorist attacks of September 11th, 2001. …
Read More District Court Rules Silverstein Unable to Collect From Airlines for 9/11 Attacks

Four members of our Insurance and Reinsurance Department recently conducted a webinar in which they addressed potential claims arising from the Boston Marathon bombings as well as possible insurance implications related to those claims. They discussed a variety of issues, focusing on who will likely bear financial responsibility for the resulting losses and the availability of insurance coverage for both the victims injured by the blast and the scores of businesses impacted by the bombings. …
Read More Webinar Replay – Potential Claim and Insurance Implications of the Boston Marathon Bombings

Last week, Representative Bennie Thompson, a Democrat Congressman from Mississippi, introduced the Fostering Resilience to Terrorism Act of 2013, which would extend the Terrorism Risk Insurance Act by ten years. TRIA, which is set to expire at the end of 2014, was the subject of another proposed extension earlier this year but that proposal merely extended the program five years. …
Read More TRIA Extension Bill Is Introduced in Congress in the Wake of the Boston Attacks

As we recently blogged, Rep. Michael Grimm (R-NY) and Rep. Carolyn Maloney (D-NY), both of whom sit on the House Financial Services Committee, have introduced a bill to extend the federal Terrorism Risk Insurance Program (the “Program”) through 2019. …
Read More TRIA – Possible Extension Involves Many Unresolved Issues

Legislation was recently introduced in the House of Representatives to extend the federal Terrorism Risk Insurance Program through 2019. The lead sponsors of the bill, the TRIA Reauthorization Act of 2013 (H.R. 508), are Rep. Michael Grimm (R-NY) and Carolyn Maloney (D-NY), both of whom sit on the House Financial Services Committee. …
Read More TRIA Extension Bill Proposed in Congress