Categorizing Horror: Marine Insurance Coverage And Terrorism
Source: PAUL MYBURGH
The attacks on the Twin Towers of the World Trade Center and the Pentagon on September 11, 2001 resulted in the largest loss in the history of insurance. Whilst acts of terrorism are nothing new, the catastrophic nature of the events of September 11 and the magnitude of the resulting losses have resulted in an unprecedented focus on insurance coverage for acts of terrorism. The September 11 attacks immediately raised concerns about the security of other modes of transportation. The Port of New York and New Jersey was closed to maritime traffic and similar closures or restrictions of maritime traffic were put in place in major US and overseas ports.