United States Is The Only Insurer For Iraq Projects So Far Before war with Iraq began, insurance industry heavyweight Maurice Greenberg predicted that the war would end quickly and present opportunities for insurers like his own to provide coverage for contractors doing reconstruction.

It may happen, but right now the only underwriter for capital construction in Iraq is the U.S. of A.–not Mr. Greenbergs American International Group or any other commercial lines insurer.

On April 17, the same day that Bechtel Corp. was awarded a contract to perform rebuilding work that could amount to $680 million, President Bush issued a memorandum giving the administrator of the Agency for International Development (AID) the authority to indemnify the project.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.