Christie Pabarue Insurance Attorney Prepares Response to AIG's Greenberg's Comments On the 'War Risk' Exclusion.Business Editors PHILADELPHIA--(BUSINESS WIRE)--Dec. 12, 2001 According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Christie Pabarue Mortensen and Young insurance coverage attorney Randy J. Maniloff, in the event of another September 11th-like attack in this country, insurers will likely take a hard look at the applicability of the "war risk" exclusion. This exclusion was immediately dismissed by the insurance industry for World Trade Center claims. But the next time around, insurers--who are facing exposure estimated as high as $80 billion from Sept. 11 events--may have a different take on the "war risk" exclusion. Christie Pabarue Mortensen and Young, a Philadelphia-based legal firm with offices throughout the Northeast, has built a national reputation in insurance coverage. Maniloff published "The 'War Risk' Exclusion: Distinguishing Between 'War' and 'Terrorism' After September 11th" in the December 11 issue of Mealey's Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reports: Insurance. This nine-page article is a direct response to statements made in late November in The Wall Street Journal by Maurice Greenberg Maurice Greenberg may be one of the following persons.
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. , Inc., that 'war' and 'terrorism' are two very different things. "Chairman Greenberg has also been quoted as saying that the one issue nobody wants to talk about is if you have an increase and frequency and severity of attacks, at what point is that no longer a terrorist attack, but war?" says Maniloff. "Greenberg is right to be asking the questions that he is," Maniloff notes. "The biggest hurdle HURDLE, Eng. law. A species of sledge, used to draw traitors to execution. facing insurers that attempt to apply the war risk exclusion to damages caused by `terrorist' organizations is that, because they are not `sovereigns', the exclusion is likely not applicable." However, Maniloff points out that using this historical analysis of the "war risk" exclusion, in today's political climate, is the proverbial pro·ver·bi·al adj. 1. Of the nature of a proverb. 2. Expressed in a proverb. 3. Widely referred to, as if the subject of a proverb; famous. attempt to put a square peg into a round hole. For example, Maniloff notes that President Bush, by his words and his actions, has made it very clear that there is no longer a distinction to be drawn between terrorist organizations and their host nations. "We have now entered an era in which terrorist organizations that receive state support must be viewed for precisely what they are--an extension of the sovereignty that is facilitating their existence," says Maniloff. Maniloff adds: "The potential for billion of dollars in losses to be uninsured on account of their classification as 'war' is one with grave consequences. In this situation, the losses would surely fall on the federal government. And since the government would potentially have to raise taxes to cover such losses, the real insurer of last resort insurer of last resort An insurance plan that accepts 'uninsurable' persons who have expensive and/or chronic diseases, and cannot obtain coverage at market rates. See Blues. for this new war is not an insurer at all, but 'self insurance' - the American people An American people may be:
For a copy of Maniloff's Dec. 11th article or for more information, contact Randy J. Maniloff at (215) 587-1632 or RJManiloff@cpmy.com. http://www.cpmy.com |
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