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April 11, 2002

Insurance rates rise post-Sept. 11

Most commercial property owners will see their property and casualty insurance rates rise by at least 20 percent as a result of the Sept. 11 attacks, reports Marcus & Millichap in the brokerage's April Puget Sound market report. "Prior to Sept. 11, terrorism coverage was included in nearly all basic policies, but that is no longer the case," the report states. "Terrorism coverage is available, but the costs can be prohibitive, especially during a time when rents are falling and vacancy is rising." Early reports after Sept. 11 had said some insurers had doubled their commercial and industrial insurance rates. The Marcus & Millichap report says the increase isn't that steep, at least not now.




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