Terrorism Insurance Extension Passed

December 18, 2007

The House of Representatives approved a bill to extend the federal Terrorist Insurance Risk Insurance Act another seven years. The bill (H.R. 2761) passed by a 360-53 vote. The House initially sought a 15-year extension that significantly broadened the scope of coverage. The legislation features a threshold of $100 million for triggering federal aid, adds coverage for domestic acts of terrorism, and authorizes a study on the effect of including nuclear, biological, chemical and radiological attacks in the program. The House vote clears the bill to be sent to the President for his signature.