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The 11th September terrorist attacks on America continue to affect the corporate real estate industry, and this paper is intended to address a number of those ongoing…
The 11th September terrorist attacks on America continue to affect the corporate real estate industry, and this paper is intended to address a number of those ongoing effects. It first discusses property insurance coverage in general and then proceeds to analyse whether damage from acts of terrorism is covered under pre‐11th September and post‐11th September property insurance polices. It also addresses the current status of proposed US Government intervention as a terrorism insurance backstop. It then describes the strategies which certain clients located within the areas directly affected by the terrorist attacks implemented in order to be able to gain immediate access to alternative space. Finally it examines selected lease clauses to which landlords and tenants should pay closer attention in light of the terrorist attacks, including operating expense provisions, force majeure provisions, waiver of subrogation provisions, use prohibitions and alteration provisions.
The intent of this paper is to provide an overview of the principal provisions of the Terrorism Risk Insurance Act of 2002 (the ‘Act’),1 which became law in the USA on…
The intent of this paper is to provide an overview of the principal provisions of the Terrorism Risk Insurance Act of 2002 (the ‘Act’),1 which became law in the USA on 26th November, 2002, and the practical effects which the Act has had on the state of terrorism insurance coverage as it had evolved between 11th September, 2001 and the passage of the Act. The Act voids some of the exclusions which had made their way into insurance policies (particularly post‐9/11) relating to losses from certain ‘acts of terrorism’ (as defined by the Act) and requires insurers meeting certain criteria to ‘make available’ terrorism insurance coverage to their insureds. The Act also establishes a temporary federal reinsurance programme which provides a system of shared public and private compensation for insured losses resulting from certain certified acts of terrorism. From the standpoint of the average insured, however, the practical impact of the Act has been far less dramatic than may appear on the face of it. As The Department of the Treasury explained in its Final Rule,2 one of the main purposes of the Act was to address market disruptions that resulted in the aftermath of the September 11th terrorist attacks on the USA and to ensure the availability and affordability of property and casualty insurance for certain risks associated with acts of terrorism. In addition, the Act was designed to provide a transitional period for the private insurance markets to stabilise, thereby allowing insurance companies to resume pricing terrorism insurance coverage. The Act also sought to build capacity in the insurance industry to absorb any future losses, while preserving insurance regulation and consumer protections in the individual states.
The Hanford site, in Washington State, presents a large-scale test for long-term stewardship of residual radioactive and chemical contamination. Large quantities of waste…
The Hanford site, in Washington State, presents a large-scale test for long-term stewardship of residual radioactive and chemical contamination. Large quantities of waste and contaminated materials will remain in perpetuity near the land's surface and the Columbia River, making Hanford perhaps the most complex long-term stewardship challenge among former weapons production sites. This paper explores the scope of contamination, the Department of Energy's approach to cleanup, the likely residuals requiring long-term stewardship, and the issues that are thus raised. Expectations with respect to long-term land uses, the likely durability of institutional controls, and funding, information management, and accountability have long been influenced by mistrust and tension between local communities, regulators, tribes, and the Department of Energy (DOE). Despite positive steps by DOE such as the creation of the Office of Legacy Management, DOE's dependence upon annual appropriations, its sovereign immunity with respect to key state and local land use regulations, and recent policy pronouncements that cast doubt on the willingness to respond to unanticipated problems with additional cleanup, all leave doubt in the minds of regulators and communities that DOE can be counted upon to be both proactive and accessible once cleanup is complete.