Posted on 05/05/2002 9:08:34 AM PDT by ex-Texan
New Risks, New Costs
The insurance tab for 9/11 and why you're paying for it
Somebody's got to pay for the Sept. 11 liabilities. Insurance claims from the attacks are expected to top $40 billion, and could rise well beyond that. When the unthinkable happens, the notion of risk changes; so too do the costs. Before September, the chances that a terrorist would crash a plane into a building were so remote that policies were not priced to reflect such a catastrophe. No longer. Terrorism insurance is now priced much more dearly than a year ago. For the owners of an office tower, that means far higher premiums. For the coffee shop in the lobby, that means a likely rent hike when leases come due. And for you, that may mean a pricier morning latte. But it's not just coffee -- everything from the home you live in to the bridge you drive over may be affected.
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