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Smaller Firms Began Buying Terrorism Insurance After Boston Marathon Bombing

The bombings one year ago in Boston prompted small and midsize businesses to reconsider terrorism insurance, as damages and a 10-day closure due to the investigation hampered business operations...
April 29, 2014

The bombings one year ago in Boston prompted small and midsize businesses to reconsider terrorism insurance, as damages and a 10-day closure due to the investigation hampered business operations. Bloomberg reports that according to Massachusetts Division of Insurance data, the payout on $2.5 million in claims filed after the attack reached $1.9 million near the end of January. Other small and midsize firms across the United States also took notice, with William Gallagher Associates Co-founder Philip Edmundson noting that 80 percent of the firm’s small and midsize businesses purchased terrorism coverage, up from 50 percent a year ago. Marsh & McLennan Cos. also reports an increase in terrorism coverage sales to small and midsize firms.

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