The SMU campus, along with other major stadiums and buildings, are coping with an insurance hike after Sept. 11, 2001. The attacks were the largest insurance loss ever, and this impact has affected both insurance price and coverage.

SMU’s insurance costs have had a 50 percent rate increase due to the terrorist attacks, according to Anita Ingram, director of risk management and environmental health and safety at SMU. The construction on campus and an “all-risk” policy, which covers all types of damage, have contributed slightly to the rise also.

From school districts to stadiums, building insurance has risen across America. Insurance at Texas Stadium increased by nearly 400 percent, from $500,000 to $2.4 million, according to The Tampa Tribune. The Tribune also reports that the Tampa Sports Authority has been forced to search for new insurance after learning that existing property and casualty policy won’t be renewed.

The Bloomberg News Service reported a few NFL owners were facing insurance hikes up to five times what they paid last year. The city council in Houston, with a property holding of $4.6 billion, will probably have to get 12 separate carriers to match the $300 million in coverage of previous years.

Some carriers issue policies with reduced coverage on acts of terrorism, while other insurers refuse to issue terrorism insurance at all. SMU’s terrorism coverage once had a blanket limit, meaning that all properties damaged would be covered. Now that coverage has been reduced to a mere $1 million cap, which would only cover damages up to that amount.

According to The Washington Post, insurance companies are facing about $58 billion in losses resulting from the terrorist attacks. These losses are usually offset by a strong stock market; with the market still struggling, insurance rates have continued to rise. Ingram predicts that this will persist through next year. The hike in premiums at SMU is not expected to affect students, so long as the budget continues to absorb the costs.