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Is Your Business Prepared for Terrorism By Floyd Arthur Business Insurance Hempstead New York...
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Transcript of Is Your Business Prepared for Terrorism By Floyd Arthur Business Insurance Hempstead New York...
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Is Your Business Prepared for Terrorism?
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Is Your Business Prepared for Terrorism?
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On December 2, 2015, two heavily armed perpetrators opened fire at a
Christmas
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party for employees of the San Bernardino County Health
Department in San
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Bernardino, California, killing 14 people and wounding 26. The
attack reignited fears
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of global terrorism here in the United States, and brought the city
of San Bernardino
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to a standstill as law enforcement officials scrambled to find the
people and the
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motives behind the attacks.
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Terrorism Insurance
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The attacks also crippled the San Bernardino County Health Department, which faced
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the nearly impossible task of maintaining normal operations with
almost 40 fewer
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employees than it had on hand before.
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To assist the beleaguered health department, Gov. Jerry Brown of
California declared
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a state of emergency in San Bernardino County on December
18. The declaration
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allowed the state to send in replacement employees until the
injured staffers return
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to work and empowered the state Office of Emergency Services to
provide additional
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assistance to the the county and the citizens who were impacted by the
event.
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How Terrorism Can Impact Your Business
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The tragedy in San Bernardino demonstrates all too well how a
single act of terrorism
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can bring a business to its knees. Although terrorist attacks are,
fortunately, rare in
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the United States, those that have occurred have had devastating
consequences -- not
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just in terms of lives lost and people injured, but in the amount of
damage to
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surrounding property. Following the Boston Marathon bombing in 2013,
for example,
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Massachusetts’ largest insurers paid out over $1.9 million in property
damage claims.
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The cost of the World Trade Center attacks in New York was $31.6
billion in property
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damage alone.
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Further, a terrorist attack can interrupt normal business
operations for many days or
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weeks as law enforcement and federal investigators sift through
the site for clues. If,
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as in San Bernardino, a large number of employees or key
personnel are injured in
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the attack ,even lengthier interruptions can ensue.
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How Terrorism Insurance May Help
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In the wake of the September 11, 2001, terrorist attacks in New York,
Pennsylvania
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and Washington D.C., Congress passed the Terrorism Risk Insurance
Act, which
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created a federally-backed insurance program to assist businesses who sustained
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property damage due to terrorism. The program, which was
reauthorized by the
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Obama administration in 2015, establishes a dollar threshold above
which the federal
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government shares a portion of the cost of payments made by insurers
to businesses
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that suffer damages in a terrorist attack. The law also mandates that
all commercial
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insurers offer the coverage to all businesses and certain other types
of commercial
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enterprises they insure.
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The TIRA, however, has some significant limitations. For example,
an attack must be
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certified as an act of terrorism by the Secretary of the Treasury and
the Secretary of
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Homeland Security before the federal government steps in.
According to the language
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of the original law, this means that an attack, whether perpetrated by
foreign or
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domestic agents, must be deemed:
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“an act that is dangerous to human life, property, or infrastructure and
to have
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resulted in damage within the U.S. (or outside the U.S. in the case of a
U.S.-flagged
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vessel, aircraft or premises of a U.S. mission). It must be committed as
part of an
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effort to coerce U.S. civilians or to influence either policy or conduct of
the U.S.
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Government through coercion. “
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Further, as of 2015, the aggregate amount of property damage claims
suffered by the
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insurance industry due to an attack must be at least $100 million before
the
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government will certify an attack as a terrorist act. That amount
increases by $20
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million per calendar year to a maximum of $200 million in the
year 2020.
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Do You Need Terrorism Insurance?
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The limitations of the federally backed terrorism insurance
program apply primarily
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to insurers: They determine who bears the cost -- the insurer or the
federal
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government -- when an act of terrorism causes property damage
to a business or
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results in bodily injury to its employees. Furthermore, damages
due to acts of
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terrorism are specifically excluded from many property and casualty
policies, so a
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business without this coverage could find itself in dire financial
circumstances in the
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event of a terrorist attack.
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If you are interested in learning more about the benefits of
terrorism insurance, talk
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with one of our commercial insurance experts today. We will
help you design an
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insurance program that addresses all of your risk in the most
comprehensive and
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cost-effective way. Just call us at 516-292-3780 between 9 a.m. and 6
p.m. to schedule
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an appointment, or request a free consultation online now.