Most owners of high-value properties in large cities are generally able to put together adequate terrorism insurance programs, the Government Accountability Office reported Monday.
“Terrorism Insurance: The Status of Efforts by Policyholders to Obtain Coverage” said certain policyholders face what it called “initial challenges” in obtaining coverage. “These policyholders typically own large, high-value properties such as office towers or hotels in urban areas where many large buildings are clustered and that are viewed as at high risk of attack,” the report said.
The report said policyholders responded to the challenge by putting together complex programs involving multiple insurers, “adding to what can be a time-consuming and complicated process.” Others reported buying standalone terrorism insurance policies or self-insuring part or all of their risk, according to the GAO. The report is available at www.gao.gov.