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On behalf of the associates of BWD Group, I extend my deepest sympathies to our
friends, clients, colleagues and the thousands of families who  have suffered tragic
losses as a result of the horrific acts of terrorism that took place on September 11,
2001. The unprecedented loss of life caused by the catastrophic events of that day has
affected all of us -- personally, unimaginably and unforgettably. As we join America in
mourning our immeasurable loss and in rebuilding our great nation, we are all reminded of
what matters most. As we unite to protect our families and our freedom, we find new
meaning in our lives and in the work we do each day.
We, at BWD Group, are heartened by the insurance industry’s ongoing assurances and
early responses to the tragic events of September 11th. Demonstrating its vital role in
the rebuilding and recovery process, the insurance industry has maintained a position of
leadership and integrity. Despite the magnitude of the disaster for which, according to
recent reports, insurance claims may exceed $70 billion, the insurance industry affirms
that its financial responsibilities will be met. Shattered by the loss of hundreds of
colleagues who had been working in the World Trade Center at the time of the attack,
insurance companies have, nevertheless, quickly and compassionately responded to their
clients’ needs. Although our nation’s life insurance carriers have never before
been faced with such a staggering number of potential life insurance claims -- estimated
at $5 billion as a result of the September 11th attacks -- certain policy exclusions,
waiting periods and documentation requirements have been waived so that payments to the
families of the victims could begin. Although the extent of commercial property damage and
lost income are impossible to calculate at this time, insurance carriers have dispatched
their disaster specialists, adjustors and other experts to assist clients as they begin to
assess their losses and restore their business operations.
Insurance industry leaders have also taken a proactive role in matters of national
security and economic stability in case of future terrorist attacks. Following a model for
government action developed in London nearly a decade ago, proposals are in place for
insurance carriers to provide a limited amount of coverage for claims arising out of
terrorist attacks, with the federal government assuming varying degrees of the
responsibility. It is believed that such a program is necessary to limit future rate
increases for commercial insurance coverage, while reassuring the financial community that
real estate purchases, investments and construction endeavors will be protected.
Throughout our nation’s history, we have weathered natural and economic disasters,
national crises and international conflicts. We have also enjoyed periods of prosperity
and peace, and have always responded successfully to the challenges of change. As we all
move forward in the recovery process, we can look to the national heroes of September 11,
2001 as our finest examples of courage, compassion and strength. For the thousands of
firefighters, police officers, rescue workers and ordinary citizens whose selfless efforts
saved the lives of innumerable friends, co-workers and neighbors, we are immensely
grateful. For the innocent victims who will forever be honored in our memories, we will
rededicate our efforts toward creating a safe and peaceful world.
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