Brokers won't know until next week whether they can renew US property business, following the attacks on the World Trade Centre.
JLT director Dominic Collins said many major US companies were due to renew their property insurance around October 1.
However, he said those who had not already agreed terms would not learn until next week what terms the insurers will offer. “We were in discussions with lead underwriters but hadn't placed anything yet,” he said.
“The market, to varying degrees, are asking for until next week to assess their current financial situation.”
Collins, who has spent the past 25 years placing property insurance for large US companies, said he would now seek short extensions on his clients' existing policies in case there is a gap in cover.
He said it was too early to estimate the eventual cost of business interruption that Tuesday's events have caused.
“One can have no concept because no one knows who had cover, how much the loss will impact on Wall Street and how long the financial centre will stay closed, or even the structural soundness of the buildings left standing,” Collins said.
He said JLT had already received claims from Manhattan clients.
“One client had a retail location in the basement of the World Trade Centre,” he said.
“Although only that one shop was physically damaged, they've put in a BI claim for the whole of their retail operations, 23 shops in Manhattan, because most of
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