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The Affect of Post-9/11 Construction and Insurance Practices on Landlords
The fourth anniversary of the 9/11 attacks reminded us that the mortal damage to the World Trade Center and adjacent buildings represented a level of destruction never experienced previously in the United States. Among other well-documented effects, the collapse of these structures gave rise to both hindsight and foresight among those who design, build, own and insure buildings. The disaster illustrated that even the tallest and apparently strongest of buildings are vulnerable, and even the deepest insurance reserves can be pumped dry. (The recent destruction caused by a natural disaster ' Hurricane Katrina ' further underscores this vulnerability.)
Landlords remain affected by the evolving construction and insurance practices, as both industries continue to assess the past in an attempt to control the future. In the weeks and months that followed 9/11, government agencies, construction experts, building owners, their insurance companies, along with the respective legal counsel of all interested entities, scrutinized in minute detail every structural aspect ' from the largest steel beams to the thread on the smallest bolts ' of the impacted buildings. Teams of experts evaluated and re-evaluated design, construction, and insurance decisions from decades earlier, in part to understand the calamity and prevent recurrence and in part to make realistic assessments of building vulnerability and insurability.
The depletion of insurance reserves for losses caused by terrorist activities affected not only the payment of claims arising from the event, but also put the damper on new building construction for months after 9/11. The loss of jobs and revenues had a horrific effect on the U.S. economy. In reaction and to ensure that terrorism insurance would remain available, the insurance industry and federal agencies assessed the disaster, and Congress acted promptly to pass the Terrorism Risk Insurance Act (“TRIA”) in 2002.
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