President Bush today signed a terrorism insurance bill which he said will help get the nation‘s economy back on its feet should terrorists strike again.
In a signing ceremony at the White House this morning, the President said that the Sept. 11, 2001, attacks caused insurance companies to diminish coverage and raise premiums.
"More than $15 billion in real estate transactions have been canceled or put on hold because owners and investors could not obtain the insurance protection they need," President Bush said.
"By helping to ensure that terrorism insurance is affordable and available, the Terrorism Risk Insurance Act will permit many construction projects to move forward and will help this economy grow," he said.
He added that the new law will discourage abusive lawsuits because civil cases will be combined in a single federal court.
