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Insurance, Finance, and Regulation Primer for Terrorism Risk

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Insurance, Finance, and Regulation Primer for Terrorism Risk FOREWORD AND ACKNOWLEDGEMENTS This primer is a part of the Multihazard Risk Management Series of publications that addresses terrorism risk in buildings. The objective of this primer is to intro- duce the building insurance, finance, and regulatory communities to the issue of terrorism risk management in buildings and the tools currently available to man- age that risk. ACKNOWLEDGEMENTS Principal Authors: Frederick Krimgold, Virginia Tech David B. Hattis, Building Technology Inc. William I. Whiddon, Building Technology Inc. Contributors: Michael T. Chipley, UTD Incorporated Wesley W. Lyon, UTD Incorporated Michael J. W. Kaminskas, UTD Incorporated Mark Hester, UTD Incorporated Project Advisory Panel: Bernard M. Brown, Insurance Advisors, Inc. Mary Pat Denney, Freddie Mac Joseph Donovan, Carr America Dottie Harris, New York State Department of State Lawrence H. Mirel, DC Department of Insurance and Securities Regulation Matt S. Munter, EMG Corporation Technical Review: Deborah McKinnon, Mortgage Bankers Association Don Glitz, GMAC Commercial Mortgage FEMA Advisory Panel: Christopher Arnold, Building Systems Development Wade Belcher, General Services Administration Curt Betts, Army Corps of Engineers Jim Caulder, U.S. Air Force – Civil Engineer Support Agency Joseph Coughlin, FEMA Marcelle Habibion, Department of Veterans Affairs Joseph Hartman, Army Corps of Engineers Eve Hinman, Hinman Consulting Engineers Rick Jones, Naval Facilities Engineering Service Center Kurt Knight, Department of Veterans Affairs Howard Leikin, FEMA Eric Letvin, URS Corporation John Lynch, Naval Facilities Command (NAVFAC) Criteria Office Terry Pruitt, Department of Homeland Security FOREWORD AND ACKNOWLEDGEMENTS i Christopher Rojhan, Applied Technology Council Lloyd Siegel, Department of Veterans Affairs Project Officer: Milagros Kennett, FEMA, Building Sciences Technology Branch, Mitigation Division ii FOREWORD AND ACKNOWLEDGEMENTS CONTENTS CHAPTER 1 Introduction .................................................................................... 1-1 Intervening in the Building Investment Process ........................... 1-2 Primer Organization ........................................................................ 1-4 Insurance ................................................................................... 1-4 Finance ....................................................................................... 1-5 Regulation .................................................................................. 1-5 Due Diligence for Terrorism Vulnerability Assessment ......... 1-6 Guide to Expertise and Tools ................................................... 1-7 CHAPTER 2 Insurance and Terrorism Risk ........................................................... 2-1 Role of Insurance ............................................................................. 2-1 Terrorism Risk for Insurers ...................................................... 2-1 Building Insurance Industry..................................................... 2-2 Actuaries..................................................................................... 2-4 Insurance Industry Infrastructure............................................ 2-4 Insurance Product Lines ........................................................... 2-6 World Trade Center Insurance Experience ............................ 2-8 Property and Liability ............................................................... 2-8 Business Interruption................................................................ 2-9 Workers' Compensation, Health, and Life ............................ 2-10 Insurance Losses ...................................................................... 2-11 Current Insurance Situation ......................................................... 2-11 Terrorism Risk Insurance Act of 2002 ................................... 2-12 Participation and Reimbursements ....................................... 2-13 Limitations ............................................................................... 2-13 Insurance Risk Management Models............................................ 2-14 Data Needs for Insurance .............................................................. 2-15 Lack of Actuarial Information................................................ 2-16 Future Developments..................................................................... 2-16 CHAPTER 3 Finance and Terrorism Risk .............................................................. 3-1 Terrorism Risk Threat to Lenders .................................................. 3-1 Building Finance Community .................................................. 3-1 CONTENTS iii Lenders Concerns ..................................................................... 3-2 Terrorism Impact....................................................................... 3-2 Current Finance Situation ............................................................... 3-4 Lender Risk Management Models .................................................. 3-6 Future Developments....................................................................... 3-7 CHAPTER 4 Building Regulation and Terrorism Risk ........................................... 4-1 Terrorism Risk for Regulators ......................................................... 4-1 Regulation of Terrorism Risk ................................................... 4-1 Balancing Stakeholder Interests .............................................. 4-1 Implications for Building Regulation Enforcement .............. 4-1 Current Building Regulation Situation .......................................... 4-3 Code Relation to Terrorist Threats.......................................... 4-3 Regulatory Activities Related to Terrorism Risk ..................... 4-4 Building Regulation Management Models .................................... 4-5 Future Developments....................................................................... 4-6 CHAPTER 5 Due Diligence: Estimating Vulnerability ............................................ 5-1 Fundamental Changes ..................................................................... 5-1 Due Diligence Assessment of Vulnerability to Terrorist Attack.... 5-1 Mitigation of Vulnerability .............................................................. 5-2 Process Model for Terrorism Risk Reduction Used in Federal Facilities ............................................................................... 5-2 Protection Priority ............................................................................ 5-3 Threat Assessment ............................................................................ 5-4 Defining Threats ....................................................................... 5-5 Identifying Likely Threat Event Profiles and Tactics.............. 5-6 Assigning a Threat Rating .................................................... 5-10 Alternative: Assigning a Level of Protection Against Threat...... 5-11 Vulnerability Assessment ............................................................... 5-12 Initial Vulnerability Estimate ......................................................... 5-13 Visual Inspection ..................................................................... 5-13 Design Documents Review ..................................................... 5-14 Organization and Management Procedures Review ............ 5-14 Assessment of Vulnerability to Expected Methods and Means of Attack ................................................................ 5-14 Vulnerability Estimate Screening .................................................. 5-15 iv CONTENTS ‘Site’ Questions........................................................................ 5-16 ‘Architectural’ Questions........................................................ 5-17 ‘Structural and Building Envelope Systems’ Questions ....... 5-18 ‘Utility Systems’ Questions ..................................................... 5-19 ‘Mechanical Systems’ Questions ............................................ 5-20 ‘Plumbing and Gas Systems’ Questions ................................. 5-21 ‘Electrical Systems’ Questions ................................................ 5-22 ‘Fire Alarm Systems’ Questions .............................................. 5-23 ‘Communications and Information Technology Systems’ Questions ................................................................................. 5-24 Additional Sources of Detailed Facility Information .................. 5-25 Vulnerability Reduction Cost Information and Estimates .......... 5-25 CHAPTER 6 Guide to Expertise and Tools ............................................................ 6-1 Terrorism Risk Insurance Act of 2002 ..................................... 6-1 Building Vulnerability Assessment Screening ......................... 6-1 General Glossary ....................................................................... 6-2 Chemical, Biological, and Radiological Glossary ................... 6-2 Acronyms ................................................................................... 6-2 Associations and Organizations ............................................... 6-2 Bibliography .............................................................................. 6-3 APPENDIX A Terrorism Risk Insurance Act of 2002 ...............................................A-1 APPENDIX B Building Vulnerability Assessment Screening ....................................B-1 APPENDIX C General Glossary
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