February 22, 2002—BOMA International, along with several companies and trade associations representing significant policyholders throughout the transportation, real estate, manufacturing, construction, entertainment, and retail sectors, have joined together to form the Coalition to Insure Against Terrorism (CIAT). Led by the National Association of Real Estate Investment Trusts, CIAT advocates that Congress must take a leading role to ensure that terrorism-related insurance coverage is available at reasonable and affordable rates.
According to BOMA, its members have begun to experience drastically increased premiums, cancellation of terrorism coverage, high deductibles, and/or capped levels of coverage. CIAT warns Congress that disappearance of coverage for terrorist acts for real estate and other businesses could severely disrupt the economy.
BOMA adds that the plan should not be an “insurance bailout bill,” but should provide a short-term fix while allowing market forces to solve the longer-term problems. TheU.S. House of Representatives passed legislation in December, but the Senate has not yet taken action.
