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Rules for terrorism insurance change

From Times wire reports

In a separate announcement, Martinez said that the Federal Housing Administration will not require insurance coverage against acts of terrorism on multifamily mortgages of less than $50 million.

Since Sept. 11, 2001, insurance companies began excluding or limiting coverage for acts of terrorism in catastrophic loss policies. In the event of a terrorist act that totally or partially destroys a qualifying FHA-insured multifamily property, HUD would pay the claim to the lender.


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