May 8, 2002—BOMA International is actively encouraging the U.S. Senate leadership to address the terrorism insurance issue. According to a release by BOMA, Senate Majority Leader Thomas Daschle (D-SD) recently indicated that the issue is one of several he hopes to complete prior to the Memorial Day recess.
BOMA is encouraging members to contact their Senators to express support for short-term federal backup for terrorism insurance. To that end, the association has drafted a sample letter which explains the flaws of policies currently available to building owners: high deductibles, caps on coverage, 30-day cancellation clauses, and escalating rates. The result, says BOMA, leaves most commercial properties uninsured or underinsured.
The letter is available online through the Legislative Action Center on BOMA International’s Web site.
