TERROR INSURANCE
December 1st, 2002
BY PHILIP FINE
A NEW American law that shields insurance companies from large-sale terrorist attacks could spark some courtroom battles for ship-owners, as it offers little legal certainty for maritime cover, specialists have claimed.
For the next three years, the Terrorism Insurance Act of 2002 will require the US federal government to cover potential damages for up to US$90 billion (GBPounds 57 billion) annually. Through the bill, which covers damage estimates
exceeding US$5 million, the government will provide property owners with 90 per cent cover for a ...
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