Terror bill off to Bush
November 20, 2002
Senate okays terrorism risk insurance, awaits final signature
Inman News Features
The terrorism insurance legislation that breezed through the House of Representatives last Friday made its way through the Senate last night by a vote of 86 to 11.
The "Terrorism Risk Insurance Act of 2002" would help to address the severe shortage of terrorism insurance coverage that has become an escalating problem since Sept. 11, 2001, holding back many real estate acquisitions, construction projects and other transactions due to the inability to obtain financing.
The bill now awaits President Bush's signature.
Among the legislation's advocates were the Building Owners and Managers Association International and the National Association of Real Estate Investment Trusts.
"Implementation of this temporary backstop should encourage more insurers to write comprehensive and less costly terrorism risk coverage," said NAREIT President and CEO Steven A. Wechsler. "It should help safeguard policyholders and their employees. And it should enhance the nation's economic security in anticipation of another terrorist strike."
Copyright: Inman News Service