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Member, Beacon International Group, Ltd.
VANTAA, Finland--The up to $3 million in property damage caused by a bomb at a shopping mall in Finland is fully covered by insurance, according to the mall's owner.
Although Finnish police labeled the bombing of the Myyrmanni Shopping Center in Vantaa "an individual act of criminal terrorism," the mall's insurer is not expected to invoke terrorism exclusions in the policy written for the mall's owner, Helsinki-based property developer Kiinteisto Oy.
A spokesman for If Property & Casualty Insurance Ltd. in Helsinki, which wrote the property and liability coverage, said the insurer will treat the loss as "criminal damage" rather than as a terrorist attack.
The Oct. 11 bombing killed eight, including the suspected bomber, and injured more than 80 others. The extent of possible liability claims stemming from the bombing remained unclear last week.
The bomb blast caused part of the glass roof of the 130-store mall to shatter and crash down on the mall's floor, damaging an area of 900 square feet. According to Kiinteisto, initial surveys indicate that there was no serious structural damage. The mall will remain closed pending the outcome of police investigations and renovations, which could take up to three weeks.