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?Reinsurance Reportedly Unavailable?

February 12, 2002

Building Owners? Group Urges Government Action On Acts Of Terrorism Insurance

Inman News Features

The Building Owners and Managers Association International has released a post-Sept. 11 policy statement focused on emergency preparedness and affordable insurance for acts of terrorism.

The Washington, D.C.-based group said new commercial property insurance policies are likely to exclude acts of terrorism and war and reinsurance for terrorism events reportedly is now unavailable in the marketplace.

BOMA's policy reads, in part: "BOMA International urges the state and federal government to play a role in ensuring that commercial property owners can continue to obtain coverage for damage from acts of terrorism at reasonable and affordable rates."

The new platform was announced at the organization?s recent leadership conference.

"Due to the events of Sept. 11, our members will be facing one of the most challenging years in the history of this industry. However, as the government watchdog for the commercial real estate professional, BOMA will continue to pursue and push forth public policies and advocacy issues that will benefit and protect the rights of our members," said BOMA President Sherwood Johnston III.

BOMA International has 18,000-plus members.

Copyright: Inman News Service

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