Business Services Industry
Congress OKs terror backstop; Buyers' attention turns to the insurance market's response.(News)(Terrorism Risk Insurance Act of 2002)
Business Insurance, November, 2002 by Hofmann, Mark A.
Byline: MARK A. HOFMANN WASHINGTON-Risk managers and brokers are now waiting to see how the commercial insurance market will react to passage of a long-awaited terrorism insurance bill. Questions about how the legislation will affect insurance coverage pricing, capacity and terms and conditions are foremost in their minds, though those answers could take some time to emerge.
The Senate approved the Terrorism Risk Insurance Act of 2002-H.R. 3210-on 86-11 vote last week. The measure, which enjoyed the support of risk managers, insurers and much of the business community, had won House approval a few days earlier after more than a year of debate in both chambers over what shape such a bill should take (BI, Nov. 18). Both houses had earlier approved their...
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