September 11, 2002—Building Owners and Managers Association (BOMA) International has issued an update on the pending terrorism insurance bill that Congress is considering. The House and the Senate passed two different versions of the terrorism bill earlier this year and have now only weeks before Congress adjourns for the November 2002 elections to resolve those differences.
Reports BOMA, “Several key issues remain that must be resolved by the members themselves: whether any federal assistance would be in the form of a repayable loan; whether federal assistance is triggered as each individual company meets a set threshold of losses or if an aggregate industry-wide level of losses should be met; and how much tort reform should be included in the bill.”
The House and the Senate bills are H.R. 3210 and S. 2600, respectively.
A model letter via email to Senate and House conferees in support of terrorism insurance can be sent through the Legislative Action Center on BOMA International’s Web site.
