Terror cover backstop a high priority: Dodd; Incoming panel chair expresses support for permanent solution.(terrorism insurance, Christopher J. Dodd)

Business Insurance, November, 2006 by Hofmann, Mark A.

Byline: MARK A. HOFMANN WASHINGTON-Extension of the federal backstop for terrorism coverage is a key priority for the next Congress, according to lawmakers from both houses. Last week, the incoming chairman of the Senate Banking, Housing and Urban Affairs Committee said he would like to deal with the future of the federal terrorism insurance backstop sooner rather than later.

"We'd like to get something done early,'' said Sen. Christopher Dodd, D-Conn., at a Capitol news conference last week. The current program, which is a scaled-back version of the Terrorism Risk Insurance Act of 2002, is slated to expire on Dec. 31, 2007. Sen. Dodd, who will succeed Sen. Richard Shelby, R-Ala., as chairman of the committee in the new Congress, said he does not want...

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