NU Online News Service, Sept. 17, 8:40 a.m. — Washington
House Financial Services Committee Chairman Mike Oxley, R-Ohio, is working on a letter to insurers that will deal with use of "acts of war" exclusions in connection with claims related to the Sept. 11 terrorist attacks on U.S. passenger jets, the Pentagon and the World Trade Center.
Rep. Oxley said in a draft obtained by National Underwriter that, while he believes it is unlikely that insurance companies will try to exercise the exclusion, any attempt to do so would be completely unacceptable.
"Any attempts to evade coverage obligations by either primary insurers or reinsurers based on such legal sophistry would not only be unsupportable and unpatriotic, but would tear apart the faith of the American people in the insurance industry, which as been one of the foundations of our economy," Rep. Oxley said in the draft.