Joseph Gunset of McGlinchey Stafford (Photo: Courtesy Photo)
Following terrorist events and viral outbreaks in the past 30 years, the insurance industry has laid the groundwork for what may evolve into a federally-backed "pandemic insurance" program.
The insurance solution to terrorism risk
The Feb. 26, 1993, bombing of New York's World Trade Center was undoubtedly a significant terrorist event. On that day, a 1,200-pound bomb exploded in the hotel garage below 2 World Trade Center. The bomb killed six people and injured more than 1,000. It also forced the evacuation of approximately 50,000 people. The bomb was placed there by a small group of terrorists tied to a Palestinian cleric.
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