It happened again, in September—a New Jersey man was indicted on charges that he was scouting locations in the NYC area as spots for possible attacks and sending the information to a terrorist organization overseas. Included in his reconnaissance were the headquarters for the UN, The Statue of Liberty, The Empire State Building, Time Square, The Rockefeller Center, as well as bridges, tunnels and airports. His focus was on structural weaknesses of each place to determine the most damage in an attack. Fortunately, he was not able to carry his plan any further.
Although 9/11 is the most famous terrorist attack in New York, there have been multiple others before and since.
Why New York City?
Even though the US has a number of large, populated cities where a terrorist attack could chaos, New York is the one chosen most often.
Why not target Los Angeles, or Hollywood, where American movies are made? What about San Francisco and Seattle? And with all the inbound migration from other states into the Lone Star State of Texas, Houston, Austin, Dallas, Fort Worth and San Antonio are very large population centers, but have been largely overlooked.
New York is a city of nearly 9 million people, the most populous city in the US. About 30% of people who live here aren’t “native New Yorkers”—they’re from nearly every other country in the world. Both the City of NY and its icons are most recognizable symbols of the United States around the world. New York is the picture of nearly everything other countries think of as “American,” and is the symbol of freedom and democracy that some want to attack.
After a 2017 attack on the NYC subway system, Mayor Bill de Blasio was quoted in The Atlantic: “The choice of New York is always for a reason, because we are beacons of the world,” he said. “And we show that a society of many background and many faiths can work.”
The Costs Of Terrorism
While the focus of terrorism is the loss of life, the aftermath is also a concern. The economic costs of just one terrorist act are huge, and lead to additional costs like anti-terrorism measures, business interruptions, consumer uncertainty, and other things that bring a negative economic impact.
Buildings, infrastructure, communications, and other business disruptions cost billions of dollars and take years to rebuild.
Insurance losses from 9/11 totaled $45 billion (in 2017 dollars), including group life and commercial claims. “Business interruption” comprised 33% of sustained losses, and 30% was property damage, including the towers of the WTC. Reinsurers paid for many of the costs from the attack. It is the largest single insured loss events in US history.
The Terrorism Risk Insurance Act
Originally signed in 2002 by then-president George W. Bush after 9/11, the Terrorism Risk Insurance Act of 2002 provides creates a temporary program that consists of public and private compensation for insured losses from terrorism. This program was called the Terrorism Risk Insurance Program (TRIP), a loss-sharing program from certified acts of terrorism.
After the original program’s expiration, it was extended twice, and expired in 2014, but was renewed in 2015 and signed by President Obama. The TRIA’s current extension, now known as Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIPRA), expires on December 31, 2020.
TRIPRA takes effect when the Secretary of the Treasury “certifies” that an act of terrorism has taken place, and triggers dollar event thresholds after deductibles. It is a “reinsurance” for both commercial property and casualty policies, and is in place until the commercial insurance market recovers from the impact of an act of terrorism.
For Victims Of Terrorism
While terrorism coverage can be an optional coverage for many companies, worker’s compensation is not an option. It is mandatory for all businesses to have this coverage for workers who are injured or killed on the job, including acts of terrorism and acts of war.
According to The Insurance Information Institute, personal insurance will generally cover acts of terrorism without a separate policy. These damages include:
- Homeowner’s insurance policies, for your home and possessions due to fire, smoke and explosions
- Auto insurance policies with comprehensive coverage that cover “non-collision” incidents
- Condo and co-op policies will cover personal possessions damaged or destroyed; however, damage to the common areas of a condo or co-op will be paid by the property’s insurance if the board has purchased a policy with specific terrorism coverage
- Renter’s Insurance, which covers damage to possessions due to fire, smoke and explosions just like a homeowner’s policy. However, the apartment complex must have its own terrorism insurance to cover property damage
New York City Personal Injury Lawyers
An act of terrorism can be as devastating as any kind of car or other personal injury accident. You may be injured, or you may lose a loved one. Don’t let an act of terrorism keep you away from your life. You need time and help recovering, and we can help. For a free consultation with our Greenwich Village personal injury attorneys, you can call our law firm today at (212) 777-9400 for a free consultation.