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INSURANCE CLAIMS FROM WORLD TRADE CENTER EXPLOSION ESTIMATED AT $510 MILLION BY PROPERTY CLAIM SERVICES

 NEW YORK, March 29 /PRNewswire/ -- Property/casualty insurers will pay out $510 million in claims to victims of the explosion and fire at the World Trade Center in New York City on Feb. 26, according to a preliminary estimate from Property Claim Services (PCS), a division of the American Insurance Services Group.
 The estimate includes insured damage to the structures of the World Trade Center and Vista Hotel, business and personal property of tenants and their employees as well as claims for lost business income and extra expenses incurred from the disruption of the operations of the Port Authority of New York and New Jersey and other businesses in the complex.
 Many of the 350 tenants of the World Trade Center which established alternative, temporary operations at off-site locations were insured for those extra expenses, according to Gary Kerney, PCS director - catastrophe services. Insured businesses in the complex will receive claim payments for property damage from smoke and soot, including damage to furniture and electronic data processing equipment, he said.
 Insurance claims for damage to the personal belongings of employees and visitors at the World trade Center and to vehicles parked in the garage are included in the PCS estimate, said Kerney.
 In addition, the estimate includes claims for the lost income of insured businesses located near the World Trade Center affected either by the closure of the complex or restricted access to the area ordered by civil authorities, said Kerney.
 Losses incurred by uninsured businesses and government agencies are not included in the PCS estimate, he said.
 The explosion at the World Trade Center was assigned catastrophe serial number 44 by PCS, which designates as a catastrophe an event where the insured loss is expected to exceed $5 million.
 -0- 3/29/93
 /CONTACT: Jeanne Salvatore of Insurance Information Institute, 212-669-9200/


CO: American Insurance Services Group; Insurance Information Institute ST: New York IN: INS SU:

WB-AH -- NY032 -- 0420 03/29/93 10:35 EST
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Date:Mar 29, 1993
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