TITLE

Terrorism Insurance Bills Gain in Congress

AUTHOR(S)
Ichniowski, Tom
PUB. DATE
November 2005
SOURCE
ENR: Engineering News-Record;11/28/2005, Vol. 255 Issue 21, p9
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article reports that the construction and insurance industries in the U.S., seeking an extension of the federal "backstop" for terrorism-related insurance claims will have to wait a little longer. Before the Thanksgiving break, the Congress made progress on legislation to keep the program running past its December 31, 2005, expiration, but didn't reach a final resolution. At issue is the 2002 Terrorism Risk Insurance Act (TRIA). Under the statute, a response to 2001 terrorist attacks, the federal government covers 90% of terrorism-related losses above an insurer-paid "deductible." The Senate on November 18, 2005, approved a bill to continue TRIA through 2007. Two days earlier, the House Financial Services Committee cleared a measure that leaves the door open for a third year. The Senate bill hikes insurers' deductibles from 15% of annual premiums now, to 17.5% in 2006 and 20% in 2007.
ACCESSION #
19717342

 

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