LUBBOCK, Texas — Lubbock spent almost $9 million on insurance and claims in its last fiscal year, with a wide range of policies protecting the city’s assets from flooding to criminal activity and terrorism.
City council approved insurance plans Tuesday, including terrorism coverage for utilities, city property and Montford Dam.
“The city buys this insurance to protect their utilities, their infrastructure, for the same reason that you or I would be buying insurance to protect our properties and assets,” said Angelo State Professor Enrique Escalante. “You may say, ‘I would like to have insurance against terrorism,’ but it depends at what price.”
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Most cities in the U.S. have some form of terrorism insurance, according to a 2024 report. After the 9/11 terrorist attacks, a federal law required commercial insurance companies to make terrorism insurance available, and ensured the government would help pay for losses that meet certain criteria…