Tort Issue Still Snagging Backstop

Tuesday, October 15th, 2002 Liability

The debate over the issue of punitive damage claims related to terror attacks is continuing to ensnarl terrorism insurance legislation as Congress moves ever closer to recessing for the November 5 election. At this writing, sources said that the White House and Senate Democrats remain at odds over the extent to which punitive damages could be awarded against American businesses in tort lawsuits arising from a terrorist attack. Industry sources say they hope to hear within the next 24 hours whether a final agreement can be reached. The word that a deal might be imminent led the Consumer Federation of America to issue a denunciation of what it said would be "a gift" to insurance and real estate interests.

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