The exact legal definition of the horrible acts that took place in Boston could have a significant impact on area businesses. Many businesses in the immediate vicinity were damage during the blasts, while several blocks of hotels, restaurants and offices were closed for days during the investigation.
Most of these small businesses have insurance. However, many do not have specific insurance coverage for terrorism with their insurance providers. If the Marathon bombings are defined as terrorism, it could make receiving reimbursement much more difficult.
President Obama initially called the tragedy an act of terrorism in statements to the media following the bombings. However, the offices of the Treasury, the Secretary of State, and the Attorney General must make the legal designation jointly.
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