In his quest to counteract a global intolerance to others’ way of life, the US president’s visit to three major cornerstones of the world – the Vatican in Rome and most markedly to the Middle East: Saudi Arabia and Israel - Donald Trump may go where no leader has gone before: facilitate a brokerage between long-time foes in an effort to battle the common enemy of radical terrorism.
Terrorism: Past, Present and Future of Related Insurance
Before September of 2001, not too many business people thought much of a terror related risk. In fact, so remote was the likelihood of a terror attack that insurance companies did not even have a separate classification for associated coverage. Businesses that had an all-perils policy including catastrophic losses were generally protected from the possibility of terrorism damages. Business, as they say, went on as usual.
The events of 9/11, however, transformed the broad outlook on terror. Without warning, insurance providers suddenly were confronted by the raw reality of a changing globe, where terror related incidents were not exclusively part of a third-world doctrine. With foreign and home-grown agents of the evil, as well as ‘lone wolf’ sympathizers, the all-inclusive all-perils coverage suddenly was no longer a solution. Terrorism coverage was abruptly removed from many commercial insurance policies. Now, the coverage could only be acquired as an additional rider to a business policy – something that a qualified, experienced agent would need to assess according to individual liability needs.
As President Trump attempts to unite world religions and forces against a mutual radical destroying enemy, the future prospects of a better world, devoid of the violent trend can, hopefully, be on the horizon. When that happens, insurance perils, once thought to be a given, may no longer be viewed as such – allowing room for the insurance perspective to evolve accordingly.
For more information on terrorism insurance and how it relates to your individual business, speak to a knowledgeable and guiding independent agent.
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Summary: As President Donald Trump’s high-profile trip abroad underscores the new US foreign policy, insurance professionals wonder if it will ultimately bring about a change in terror related coverage.