The aftermath of Hurricane Katrina presents valuable lessons for terrorism preparedness and insurance issues. The need for improved post-loss preparedness is fairly obvious, but insurance coverage lessons are less clear.

Consider this scenario: It's 10 a.m., Monday morning. A large American city is starting its work week. On the outskirts of the city, a large truck bomb explodes next to a field of chemical tanks. Five minutes later, on the opposite side of the city, a second truck bomb explodes next to a chlorine gas tank. Two huge toxic plumes are released, enveloping the city.

Panic erupts. A million office workers flood into narrow streets. Hundreds are crushed. Within three days, the toxic releases have killed tens of thousands and permanently injured many more.

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