Compensation For Losses From The 9 11 Attacks
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Compensation For Losses From The 9 11 Attacks
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Author : Lloyd S. Dixon
language : en
Publisher: Rand Corporation
Release Date : 2004
Compensation For Losses From The 9 11 Attacks written by Lloyd S. Dixon and has been published by Rand Corporation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Business & Economics categories.
The terrorist attacks of September 11, 2001, caused tremendous loss of life, property, and income, and the resulting response from public and private organizations was unprecedented. This monograph examines the benefits received by those who were killed or seriously injured on 9/11 and the benefits provided to individuals and businesses in New York City that suffered losses from the attack on the World Trade Center. The authors examine the performance of the compensation system--insurance, tort, government programs, and charity--in responding to the losses stemming from 9/11.
Distribution Of Losses From Large Terrorist Attacks Under The Terrorism Risk Insurance Act
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Author : Stephen J. Carroll
language : en
Publisher: Rand Corporation
Release Date : 2005-11-17
Distribution Of Losses From Large Terrorist Attacks Under The Terrorism Risk Insurance Act written by Stephen J. Carroll and has been published by Rand Corporation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-11-17 with Political Science categories.
The pending expiration of the Terrorism Risk Insurance Act (TRIA) of 2002 is the impetus for this assessment of how TRIA redistributes terrorism losses. The authors find that the role of taxpayers is expected to be minimal in all but very rare cases and that, even with TRIA in place, a high fraction of losses would go uninsured in each of the attack scenarios examined.
Issues And Options For Government Intervention In The Market For Terrorism Insurance
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Author :
language : en
Publisher:
Release Date : 2004
Issues And Options For Government Intervention In The Market For Terrorism Insurance written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Financial reinsurance categories.
The threat of terrorism poses a challenge for the U.S. insurance system: How can the system best insure against potential losses and compensate victims of attacks? Following the 9/11 attacks, the federal government adopted the Terrorism Risk Insurance Act (TRIA), which requires insurers to make terrorism coverage available to commercial policyholders. In return, TRIA guarantees that the public (i.e., the government) will reimburse insurers for 90 percent of losses from terrorism above certain thresholds. TRIA was intended to bolster the insurance industry against catastrophic payouts while the industry developed strategies and mechanisms to cope with the threat of terrorism. TRIA expires on December 31, 2005, but insurance policies (which typically last one year) will soon begin to be written that will expire after TRIA does. This paper has a dual purpose: to help frame the central issues that should be considered in the debate over whether to extend, modify, or end TRIA, and to explore the broader issue of the appropriate role of disaster insurance within a system for managing risks created by the possibility of terrorist attacks and compensating losses caused by terrorist attacks. The paper also discusses options that policymakers might consider in addressing these issues and goals against which various options can be evaluated. Although this paper focuses on insurance, it is important to note that insurance is only one part of an overall system for managing risks created by the possibility of terrorist attacks and compensating losses caused by terrorist attacks. Direct government compensation, the tort system, and charities can also play a role in this system.
Compensation For Victims Of Terrorism
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Author : Marshall Shapo
language : en
Publisher:
Release Date : 2005-04-25
Compensation For Victims Of Terrorism written by Marshall Shapo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-04-25 with Law categories.
Marshall Shapo describes some of the problems in his penetrating book this way: "Within ten days of the tragedy of September 11th, Congress created a Victim Compensation Fund for those who were injured or lost loved ones in the terrorist attacks of that day. "That Fund paid out more than seven billion dollars to surviving victims and families of those who died, with awards to families averaging over two million and one award reaching approximately $8.6 million. Was the Fund a good idea? If there are terrorist attacks in the future that kill or injure hundreds or even thousands of people, should Congress provide the same kind of compensation to victims and families? Why has Congress not made provision for similar benefits for victims of the Oklahoma City bombing? Why are the payments made to families of soldiers who die in combat only a few thousand dollars?" When the Victims' Compensation Fund was established after 9/11, it set off a series of debates on the logic of compensation for victims of terrorist acts. Why do we compensate for injuries, and how do injuries and deaths caused by acts of terrorism differ from those caused by more ordinary means? What criteria should we consider when determining compensation: the financial need or deprivation or the survivors? The degree of negligence of a public or private entity? In this thought provoking study, Shapo draws on the basic concepts of injury law, including tort and compensation law, to delve into the questions and present a framework for future lawmakers faced with shaping compensation programs for terrorist victims. With its limitless contradictions, constraints, and competing demands, the terrain of compensation is at best murky. Shapo unravels the tangled lines of reasoning, casting an impartial eye on the legal, political and social logics of the Victims' Compensation Fund and those likely to come into play for any future crises.
Issues And Options For Government Intervention In The Market For Terrorism Insurance
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Author :
language : en
Publisher:
Release Date : 2004
Issues And Options For Government Intervention In The Market For Terrorism Insurance written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
The threat of terrorism poses a challenge for the U.S. insurance system: How can the system best insure against potential losses and compensate victims of attacks? Following the 9/11 attacks, the federal government adopted the Terrorism Risk Insurance Act (TRIA), which requires insurers to make terrorism coverage available to commercial policyholders. In return, TRIA guarantees that the public (i.e., the government) will reimburse insurers for 90 percent of losses from terrorism above certain thresholds. TRIA was intended to bolster the insurance industry against catastrophic payouts while the industry developed strategies and mechanisms to cope with the threat of terrorism. TRIA expires on December 31, 2005, but insurance policies (which typically last one year) will soon begin to be written that will expire after TRIA does. This paper has a dual purpose: to help frame the central issues that should be considered in the debate over whether to extend, modify, or end TRIA, and to explore the broader issue of the appropriate role of disaster insurance within a system for managing risks created by the possibility of terrorist attacks and compensating losses caused by terrorist attacks. The paper also discusses options that policymakers might consider in addressing these issues and goals against which various options can be evaluated. Although this paper focuses on insurance, it is important to note that insurance is only one part of an overall system for managing risks created by the possibility of terrorist attacks and compensating losses caused by terrorist attacks. Direct government compensation, the tort system, and charities can also play a role in this system.
The Long Shadow Of 9 11
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Author : Brian Michael Jenkins
language : en
Publisher: Rand Corporation
Release Date : 2011
The Long Shadow Of 9 11 written by Brian Michael Jenkins and has been published by Rand Corporation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with History categories.
This book provides a multifaceted array of answers to the question, In the ten years since the 9/11 terrorist attacks, how has America responded? In a series of essays, RAND authors lend a farsighted perspective to the national dialogue on 9/11's legacy. The essays assess the military, political, fiscal, social, cultural, psychological, and even moral implications of U.S. policymaking since 9/11. Part One of the book addresses the lessons learned from America's accomplishments and mistakes in its responses to the 9/11 attacks and the ongoing terrorist threat. Part Two explores reactions to the extreme ideologies of the terrorists and to the fears they have generated. Part Three presents the dilemmas of asymmetrical warfare and suggests ways to resolve them. Part Four cautions against sacrificing a long-term strategy by imposing short-term solutions, particularly with respect to air passenger security and counterterrorism intelligence. Finally, Part Five looks at the effects of the terrorist attacks on the U.S. public health system, at the potential role of compensation policy for losses incurred by terrorism, and at the possible long-term effects of terrorism and counterterrorism on American values, laws, and society.--Publisher description.
The Impact On Workers Compensation Insurance Markets Of Allowing The Terrorism Risk Insurance Act To Expire
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Author : Michael Dworsky
language : en
Publisher:
Release Date : 2014
The Impact On Workers Compensation Insurance Markets Of Allowing The Terrorism Risk Insurance Act To Expire written by Michael Dworsky and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with LAW categories.
What Is Life Worth
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Author : Kenneth R. Feinberg
language : en
Publisher: PublicAffairs
Release Date : 2006-08-29
What Is Life Worth written by Kenneth R. Feinberg and has been published by PublicAffairs this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-08-29 with Biography & Autobiography categories.
Soon to be a major motion picture: the true story of the man put in charge of the 9/11 Victim Compensation Fund, and a testament to the enduring power of family, grief, love, fear, frustration, and courage. Just days after September 11, 2001, Kenneth Feinberg was appointed to administer the federal 9/11 Victim Compensation Fund, a unique, unprecedented fund established by Congress to compensate families who lost a loved one on 9/11 and survivors who were physically injured in the attacks. Those who participated in the Fund were required to waive their right to sue the airlines involved in the attacks, as well as other potentially responsible entities. When the program was launched, many families criticized it as a brazen, tight-fisted attempt to protect the airlines from lawsuits. The Fund was also attacked as attempting to put insulting dollar values on the lives of lost loved ones. The families were in pain. And they were angry. Over the course of the next three years, Feinberg spent almost all of his time meeting with the families, convincing them of the generosity and compassion of the program, and calculating appropriate awards for each and every claim. The Fund proved to be a dramatic success with over 97% of eligible families participating. It also provided important lessons for Feinberg, who became the filter, the arbitrator, and the target of family suffering. Feinberg learned about the enduring power of family grief, love, fear, faith, frustration, and courage. Most importantly, he learned that no check, no matter how large, could make the families and victims of 9/11 whole again.
The Economic Effects Of 9 11
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Author : Congressional Research Service Library o
language : en
Publisher:
Release Date : 2005
The Economic Effects Of 9 11 written by Congressional Research Service Library o and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.
The tragedy of September 11, 2001 was so sudden and devastating that it may be difficult at this point in time to write dispassionately and objectively about its effects on the U.S. economy. This retrospective review will attempt such an undertaking. The loss of lives and property on 9/11 was not large enough to have had a measurable effect on the productive capacity of the United States even though it had a very significant localized effect on New York City and, to a lesser degree, on the greater Washington, D.C. area. Thus, for 9/11 to affect the economy it would have had to have affected the price of an important input, such as energy, or had an adverse effect on aggregate demand via such mechanisms as consumer and business confidence, a financial panic or liquidity crisis, or an international run on the dollar. It was initially thought that aggregate demand was seriously affected, for while the existing data showed that GDP growth was low in the first half of 2001, data published in October showed that GDP had contracted during the 3rd quarter. This led to the claim that "The terrorist attacks pushed a weak economy over the edge into an outright recession." We now know, based on revised data, this is not so. At the time of 9/11 the economy was in its third consecutive quarter of contraction; positive growth resumed in the 4th quarter. This would suggest that any effects from 9/11 on demand were short lived. While this may be true, several events took place before, on, and shortly after 9/11, that made recovery either more rapid than it might have been or made it possible to take place. First, the Federal Reserve had eased credit during the first half of 2001 to stimulate aggregate demand. The economy responds to policy changes with a lag in time. Thus, the public response may have been felt in the 4th quarter giving the appearance that 9/11 had only a limited effect. Second, the Federal Reserve on and immediately after 9/11 took appropriate action to avert a financial panic and liquidity shortage. This was supplemented by support from foreign central banks to shore up the dollar in world markets and limited the contagion of 9/11 from spreading to other national economies. Nevertheless, U.S. trade with other countries, especially Canada, was disrupted. While oil prices spiked briefly, they quickly returned to their pre-9/11 levels. Thus, it can be argued, timely action contained the short run economic effects of 9/11 on the overall economy. Over the longer run 9/11 will adversely affect U.S. productivity growth because resources are being and will be used to ensure the security of production, distribution, finance, and communication.
The Impact Of 9 11 On Business And Economics
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Author : M. Morgan
language : en
Publisher: Springer
Release Date : 2009-08-31
The Impact Of 9 11 On Business And Economics written by M. Morgan and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-08-31 with Business & Economics categories.
The Impact of 9/11 on Business and Economics is the second volume of the six-volume series The Day that Changed Everything? edited by Matthew J. Morgan. The series brings together from a broad spectrum of disciplines the leading thinkers of our time to reflect on one of the most significant events of our time.