Risk managers look mostly at two areas of terrorism insurance: property and workers' comp, says Carolyn Snow, secretary of the board of directors for the Risk and Insurance Management Society Inc. (RIMS), a nonprofit organization representing some 3,500 members worldwide.
Risk management professionals are becoming more aware of the impact a terrorism event could have on workers' comp, says Snow, who also is director of risk management at Humana Inc. in Louisville, Ky., and the board liaison to the RIMS External Affairs Committee.
Capacity in workers' comp could become a significant issue—something more risk managers are becoming aware of, she says. “Initially, people thought of it as an issue for larger employers, but if you're a smaller company in an area that might need TRIA coverage, an insurer might want to cover only larger companies. You might end up without terrorism coverage.”
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