One major question that insurers affected by the New York catastrophe want cleared up quickly is this: was the terrorist attack on America an act of war?

It’s important for many insurers – particularly in the aviation and some property classes – because most US and Lloyd’s policies exclude claims resulting from a war or war-like action – but there are few exclusions for acts of terrorism.

AM Best has already come down firmly on the side of the insurers, saying aviation, property, workers’ comp and most liability claims will be treated as war risks.