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Congress—at Last—Takes a Stand On Terrorism Insurance

A terrorism insurance backstop finally has hopes of making it into law–if Congress doesn’t drop the ball yet again. GlobeSt.com launches its feature series with this in-depth Roundtable discussion.

It’s about time. After a year of much wrangling and little progress–a year in which the real estate industry was essentially left to its own devices in terms of terrorism insurance coverage–the House and Senate finally put their heads together to create a workable draft for legislation. The draft calls for up to $100 billion of support to the insurance industry for future terrorist attacks and mandates participation in the program–under the bailiwick of the US Department of Treasury–by property insurance carriers. But a draft is not a law, and the document has yet to become a conference report signed by a majority of the House and Senate conferees, after which it must be voted on before being ushered to the White House. The view of the participants in GlobeSt.com’s first Roundtable discussion is very optimistic–even though they all remember all too well when, almost a year ago, the Senate shuttered its doors for the Christmas recess with nothing left on the table. Is relief at hand? And if so, what does the legislation mean in terms of cold, hard reality?

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