Friday, December 28th, 2001 — With the Senate not addressing the issue of federal terrorism reinsurance legislation before the end of the year, The Risk and Insurance Management Society Inc. (RIMS) expressed its disappointment. The Jan. 1 renewal date for most property/casualty policies required immediate action by the Senate. Already RIMS member companies are experiencing terrorism exclusions in their policies, as South Dakota, Colorado, Idaho and Massachusetts have already approved terrorism exclusions for insurers.
"The Senate dropped the ball," said David Mair, RIMS president and associate director of risk management, United States Olympic Committee. "This is an issue for the economy and for policy holders, and this inaction will significantly impact the ability of businesses to obtain adequate insurance.