Commercial property-casualty insurers in general remain unwilling to provide nuclear, biological, chemical and radiation coverage under the Terrorism Risk Insurance Act due to uncertainties about the exposure and the degree of catastrophic loss, the Government Accountability Office has concluded.
In its report, the GAO said insurers rely on long-standing exclusions for nuclear and pollution risks, “although such exclusions may be subject to challenges in court because they were not specifically drafted to address terrorist attacks.”
Companies that own high-value properties in large cities are among those policyholders who cannot obtain NBCR coverage, GAO's survey found.
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