Terrorism Threat Makes Port Exposures Risky Business Insurers worry that security overreaction might disrupt the supply chain
Just how secure are our seaports today? While the insurance and transportation industries for decades have coped with a theft problem that could be measured in the tens of billions of dollars annually, the terrorist attacks of Sept. 11, 2001 shone a new light on security issues and raised the stakes far higher.
Joe Baker, executive director of the International Cargo Security Council in Annapolis, Md., said the Coast Guard estimates the cost to upgrade the nations port security at $7.3 billion between 2003 and 2012 to meet new federal laws passed in 2002.
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