INTRODUCTION
Prior to 9/11, like most of the other insurance companies, NICL has been providing Riot & Strike Damages (RSD) cover along with Fire & Allied Risk Policies @ 1.2% with Terrorism cover free of charge which was acceptable to the clients as well as to the Re-Insurers.

Conditions started deteriorating rapidly for the clients even before Sept. 11 with considering an impending crisis in the availability of commercial insurance. This was mostly because insurers were pulling back from liability exposures and primarily due to a high number of claims for natural disasters and increases in general costs. Yet coverage was available through much higher premiums for most liability lines.