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New York Official Downplays War Exclusion Clauses

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NU Online News Service, Sept. 17, 2:15 p.m. – The insurance industry appears to be “very committed to meeting its obligations” regarding claims linked to the terrorist attacks on the World Trade Center, The Wall Street Journal quotes New York Insurance Department Superintendent Gregory V. Serio as saying.

Insurance companies are likely to honor the claims instead of invoking “act of war” policy exclusions that could provide them with an escape route, Serio told the paper. “Claims payments related to the terror attacks on the World Trade Center are not likely to trigger a liquidity or insolvency issue in the insurance industry,” says department spokesperson Joanna Ross, confirming the report with National Underwriter.