Business Combine Backs Terrorism Insurance
Wednesday, February 13th, 2002 CatastropheA wide range of major business groups have formed a new coalition aimed at securing passage of legislation creating a federal backstop for insurance losses caused by terrorism. Called the Coalition to Insure Against Terrorism, the new group said that passage of terrorism insurance legislation is vital to the nation's economy. "Gaps in insurance coverage against acts of terrorism weaken our economy and pose a very real threat to our homeland security," said Martin DePoy, vice president of government relations with the Washington-based National Association of Real Estate Investment Trusts. "Unfortunately, the insurance industry has neither the capacity nor the willingness to underwrite comprehensive terrorism coverage at this point in time," he said.
