Insuring Against Terrorism - TRIA and Private Insurance in the Wake of the Boston Bombings
On April 15, 2013 two bombs exploded at the Boston Marathon finish line, killing three and injuring more than 260 people. The bombings also resulted in $23 million in health insurance claims, an estimated $333 million in damage to the local economy, and $2.5 million in property and casualty losses. This program discusses the actions taken by the Division of Insurance to assure proper claims handling and the issues that arose in adjusting claims submitted to private carriers. It then delves into the role of TRIA (Terrorism Risk Insurance Act), the federally mandated terrorism insurance program which will expire this year unless renewed. The panelists discuss the purpose of TRIA, why TRIA has not responded to any of the Marathon Bombing claims, and whether TRIA should be renewed, amended or eliminated. The panel also looks at the scope, terms and underwriting concerns relative to the private terrorism insurance currently available and the private market’s capacity to meet the need for terrorism insurance. Finally, the audience joins the panel in offering their thoughts as to what kind of terrorism insurance America needs and who should provide it.
Craig Stewart White and Williams, LLP Boston, MA
Robert A. Whitney Deputy Commissioner and General Counsel Massachusetts Division of Insurance, Boston, MA
Ben Tucker Head of US Terrorism & Political Violence Crisis Management XL Group, New York, NY
Machua Millett Senior Vice-President Marsh & McLennan, Boston, MA
Eric Hermanson White and Williams LLP, Boston, MA