Terrorism Insurance Bills Gain in Congress

Ichniowski, Tom
November 2005
ENR: Engineering News-Record;11/28/2005, Vol. 255 Issue 21, p9
Trade Publication
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.


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