01
Apr
1993

Business Resumption: Insurance Only Bright Light for Many Businesses Darkened by World Trade Towers Blast

Policyholder Advisor & Alert

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PUBLISHED ON: April 1, 1993

When the lights went out at the World Trade Center in February, that disaster spelled the beginning of serious financial problems for all businesses located within the famous towers. Those businesses were forced, without warning, to shut down. They scrambled to establish emergency relocations which, for many, permitted nothing more than skeletal operations. While many of these offices by now, “business as usual” may not resume for a very long time, if ever. Insurance may provide considerable relief for these businesses and others facing liability from the blast, including the Port Authority of New York and New Jersey, which is the World Trade Center’s landlord; the parking garage management; and building security. All those who have businesses have returned to their suffered damages or who may be liable for the damages of others should examine their insurance policies. Coverage for the many types of losses incurred in major explosions may be found in many types of insurance policies.