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Insured Liability Losses
 Federal non-contributory plan offered to survivors on a voluntary
basis. Compensation based on need, not loss, and with offsets for
WC and Life insurance and assets.
Families of most highly paid people will not benefit from this and
will opt out to sue various parties.
Recoveries will certainly exhaust all related limits. Federal
compensation plan limits liability of most (perhaps all) parties to
their insurance limits, so the hunt for available limits is already on.
 |
| Aviation Liability: |
|
| Per occurrence, one plane each in NY |
$3.5Bn |
| Less than full limits at Pennsylvania, Pentagon sites |
$1.0Bn |
| Directly related parties (security guards, etc.) |
$1.0Bn |
|
| |
$5.5Bn |
|
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| General Liability/Umbrella: |
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| Silverstein, PA of NY & NJ, architects,
engineers, tenants, employers (via EL) |
$5.0Bn?? |
|
Total Insured Liability: $10Bn+ = $3Mn per life x 3,000+ lives?
Insured WC Losses
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| 3,000 - 4,000 Compensable fatalities |
$1.5Bn |
| 1,000 Traumatic Cases |
$0.5Bn |
| ??? Latent Injuries |
??? |
| Continuing asbestos exposure in 7,000,000 people |
$0 (per EPA) |
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| Total Insured WC Losses |
$3.0Bn |
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Other Insured P&C Losses
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| AD&D |
? |
| Specie, Fidelity, Crime |
? |
| Valuable Papers, Accounts Receivables |
? |
| Event Cancellation |
? |
| Fine Arts |
? |
|
| Total Other Insured P&C Losses |
$2.0Bn |
|
Total Direct Insured P&C Loss
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| Direct Property |
$15.0Bn |
| Indirect Property |
$10.5Bn |
| Aviation Liability |
$5.5Bn |
| GL/Umbrella |
$5.0Bn |
| Workers' Compensation |
$3.0Bn |
| Other |
$2.0Bn |
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| Total P&C Loss |
$41.0Bn |
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Remember, this assumes:
Loss Limit policies pay for only one occurrence in NYC
Little off-premises BI coverage was sold
Financial firms with direct loss cannot also claim BI for
trading interruption at other locations
No latent Workers' Compensation asbestos claims
No surprises
Who Has the Direct Loss?
Twelve large US Commercial lines companies prominent in large
accounts, financial services and layered property have 80%+ of
the on-the-ground policies
On layered-property policies, Swiss Re, Gen Re, Lloyd's, surplus
lines insurers, and other reinsurers are also included as direct
insurers and facultative reinsurers
On Aviation policies, most or all the above
About fifty smaller and regional US insurers have losses for
smaller WTC tenants, neighboring firms and Umbrella lines on
some large programs
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