Parks continue terrorism insurance

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September 22, 2003 // UPDATED 11:04 am - April 30, 2007
By: Scott Russell
Scott Russell

A sign of the times: The Minneapolis Park and Recreation Board is paying $10,200 this year for terrorism insurance, the second year it has carried the special coverage.

The federal government would pay 90 percent of terrorism losses under the Terrorism Risk Insurance Act of 2002, said Rich Theis, the Park Board budget director. The insurance policy covers the remaining 10 percent.

To qualify for coverage under the act, the U.S. Secretary of the Treasury has to certify the attack, which must result in at least $5 million in losses to all affected property owners, Theis said.

Prior to the purchase of the of terrorism insurance, the Board's policy would only cover terrorism losses up to $100,000, Theis said. The premium is a 5 percent drop from 2002.