New York Governor Eliot Spitzer apparently knocked some heads together and finally convinced seven insurers to cough up $2 billion to settle all remaining property insurance claims over the destruction of the World Trade Center by terrorists on Sept. 11, 2001. It's quite an achievement, and it's terrific for the industry to bring this sad episode to a close once and for all. Read on for my comments, and for full coverage of the settlement details, click here.
At first, the industry was praised for not invoking the war exclusion to deny WTC claims (although I don't think they would have had a leg to stand on had they tried).
However, the good feelings insurers generated with their early support degenerated into a total mess when it became clear that many policies were not completed until after coverage took effect and the worst-case scenario happened on 9/11.
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