House Passes Terrorism Backstop Bill

Monday, November 18th, 2002 Catastrophe

By a voice vote, the House of Representatives last night approved an industry-backed terrorism insurance bill aimed at stabilizing the market for commercial insurance. The Senate is widely expected to follow suit, with a vote possible as early as today, sending the bill to President Bush‘s desk. Senate Majority Leader Tom Daschle, D-S.D., said he will bring the bill up for a vote, according to published reports. Final approval of the oft-delayed legislation would be the culmination of a year-long effort by the Bush administration, the insurance industry and the construction industry to shore up a market, particularly for high-profile properties, which they say was shattered by the Sept. 11, 2001, terrorist attacks.

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http://www.nationalunderwriter.com/pandc/hotnews/viewPC.asp?article=11_15_02_9_7152.xml

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