The terrorist attacks of Sept. 11 have focused attention on the importance of business-interruption insurance like no other event in recent memory. New York Insurance Superintendent Gregory Serio estimated at the end of January that insurance losses arising out of the World Trade Center disaster will reach $35 billion, and that more than 76 percent of those will involve claims for business-interruption losses. Many companies already have collected substantial sums under their business-interruption insurance, but many others are receiving denials or being asked for more and more information to support their claims for coverage — a process that, in effect, denies coverage.
Even when the circumstances are more ordinary, policyholders and their legal counsel need to better understand exactly how business-interruption insurance works — and how insurers are changing it.
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