U.S. Treasury: Boston Marathon Bombings Were Not An “Act Of Terrorism”…

[Wilikon]

The Boston Marathon bombing attacks were not an “act of terrorism,” the US Treasury has ruled, which conveniently means terrorism insurance claims need not be paid out in full.

In the wake of the 9/11 attacks, Congress passed the Terrorism Risk Insurance Act, which created federally-backed insurance in cases of damage due to terrorism. Some Boston businesses were among those that bought the insurance.

Those purchases became relevant after the Boston Marathon bombings on April 15, 2013. Of the 160 companies located near the marathon’s finish line that submitted insurance claims, just 14 percent had purchased terrorism insurance, Insurance Journal reported.

http://www.boston.com/news/local/massachusetts/2014/09/11/treasury-boston-marathon-bombings-were-not-act-terrorism/riNULWk0GqflVS39ozviDN/story.html

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[Chef Ramsay]

Play a few word games and then ya don't have to pay out. It's called "keep moving the goal posts" like they do on most other things. It surely was an act of terror but the 'who' in this situation isn't entirely clear, nor is the 'why'.

[Lethn]

I can't understand people who buy insurance unless it's absolutely necessary, while not as dramatic as a bombing we regularly get floods here in the UK and every time it happens the insurance companies have fucked off with peoples money and never paid it, get a secure savings account or put your money in Bitcoin and hide it away somewhere in case of an emergency.

[dankkk]

I can't understand people who buy insurance unless it's absolutely necessary, while not as dramatic as a bombing we regularly get floods here in the UK and every time it happens the insurance companies have fucked off with peoples money and never paid it, get a secure savings account or put your money in Bitcoin and hide it away somewhere in case of an emergency.

Many floods do not happen enough to make it economical for people to be able to self insure as you describe. Many floods only happen once every several decades when enough people are involved and a long enough time period is used, however one could easily happen early after someone were to start to self insure themselves against this and they would essentially not have enough to cover the loss/repairs.