AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
Government Likely to Act As 'Insurer of Last Resort'.(terrorism insurance)(Brief Article)
Limited coverage and the high cost of terrorism insurance is not only hindering commercial real estate lending, it is also forcing the federal government to realize it would be the insurer of last resort if there is another terrorist attack.
"In the event of a major terrorist strike, many of the losses would likely be borne by the federal government," Treasury assistant deputy secretary Mark Warshawsky told a House panel last week.
"It might be difficult to resist the call for federal assistance to compensate uninsured property owners and businesses victimized by the terrorist strike," Mr. Warshawsky testified.
The Treasury Department has been urging Congress to pass legislation that would allow the federal government to act as a backstop or reinsurer for insurance companies that offer terrorism coverage.
The payment of claims by private insurers would be much more efficient than forcing the government to devise a scheme in the aftermath of a terrorist attack and less disruptive to the economy, the Treasury official stressed.
"The passage of terrorism insurance legislation now is an insurance policy for the U.S. economy," House Financial Services chairman Michael Oxley, R-Ohio, said.
"Our witnesses will testify that banks are not ...
- Terrorism insurance.(Treasury Department's survey to evaluate effectiveness of...
- Magazine article from: Emergency Preparedness News October 19, 2004 700+ words
TERRORISM INSURANCE. Select insurers and policyholders have begun receiving questionnaires from the Treasury Department as it conducts the second wave of its survey of the terrorism risk insurance market and the effectiveness of the 2002 Terrorism...
- Terrorism insurance.(Brief Article)
- Magazine article from: Emergency Preparedness News June 29, 2004 700+ words
TERRORISM INSURANCE. The Treasury Department has decided that insurance companies must include coverage through Dec. 31, 2005, for losses due to acts of terrorism in all...
- Terrorism insurance. (U.S. Congressional Legislation).(Brief Article)
- Magazine article from: Security Management Anderson, Teresa January 1, 2003 700+ words
A new law (P.L. 107-297) requires that insurance companies offer terrorism insurance as prescribed under Treasury Department guidelines. The law establishes a formula for shared insurance loss coverage that includes...
- Terrorism Insurance Act Explained; Morris, Manning & Martin, LLP, Insurance...
- Press release article from: PR Newswire November 21, 2002 700+ words
...as the President signs the bill, is effective through the end of 2005. It establishes a Terrorism Insurance Program within the Treasury Department, which provides government backing for insurers if the country sustains another serious loss...
- U.S. Closes In on Terror Pool.(terrorism insurance pool planned; proposed tax...
- Magazine article from: Best's Review Pilla, David Kelly, Dennis November 1, 2001 700+ words
...said reports of a three-year terrorism insurance plan developed by the Treasury Department and the White House "are encouraging...a premium to be determined by the Treasury Department. Farmer said that although the Bush...
- House passes terrorism insurance bill.(insession)(Brief article)
- Magazine article from: Journal of Property Management November 1, 2007 700+ words
...biological, chemical or radiological attacks; requires the Treasury Department to report on the terrorism insurance market every two years, including analysis of terrorism insurance pricing impacts on commercial real estate; and establishes...
- Treasury Official Touts Terrorism Insurance Program at Las Vegas Conference.
- Newspaper article from: Knight Ridder/Tribune Business News June 19, 2003 700+ words
...implemented by the U.S. Treasury Department provides a backstop guaranteeing...insurance companies will make terrorism insurance available to every company...Therefore, it became clear terrorism insurance could not be offered without...develop mechanisms to price terrorism ...
- Terrorism Insurance program extended in final days of session.(BOMAFiles)
- Magazine article from: Buildings February 1, 2006 700+ words
...in providing terrorism insurance at reasonable...issued by the Treasury Department, insurers...to offer terrorism insurance to those policyholders...new offers of terrorism insurance to policyholders...
