The Insurance Cost of Katrina
01 Oct 2005
The Atlantic storm season this year has been very disheartening for port insurers. In a competitive market they have quoted keen rates, taken on exposed realty and equipment and laid off diligently to catastrophe insurers.
For liability insurers, a defence of Act of God will probably suffice to see off claims. It is the cargo, property and equipment insurers whose covers are agreed to pay out on proof of fortuitous loss who will be wincing the hardest.
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