TSC: What exactly does business interruption insurance cover? Steve Kessler: It's essentially designed to reimburse a policyholder for business lost due to a damaging event. As it relates to the World Trade Center, the most straightforward example is a business that was located within one of the towers. That property suffers physical damage that prevents it from doing business, resulting in a direct hit on its revenue stream that can't be made up. The examples get more esoteric as you get more remote from Ground Zero. Michael Markman: Right. At the other end of the spectrum is contingent business interruption, which covers companies that did not sustain any physical damage, that were not located at Ground Zero. These policyholders might do business with companies that did have a loss or were located at Ground Zero. These claims can also be very substantial. Kessler: For large commercial clients, certainly the Fortune 1000 companies, you would expect to find this kind of coverage in all of their policies. You might not find it in policies held by a restaurant owner in New York, however. But any policyholder that has a broker to assist him when putting the policy together would generally have this kind of coverage. TSC: Aside from the airlines and financial institutions, which industries have been hardest hit in terms of business interruption as a result of Sept. 11? Markman: One industry that people don't think of as having been terribly hard hit is media and communications. Kessler: Yes, many of the media companies -- television and radio -- had antennas at the top of the World Trade Center. As a result of losing these antennas, their reach was reduced and advertising revenues fell. Also, many media companies went to 96 straight hours of television broadcast and so forwent lots of advertising revenue. That's what they're wrestling over, how much of that is covered, and so forth.