"Without terrorism insurance coverage," states association chairman James M. Murphy, "commercial lenders will be forced to either delay or prevent real estate projects from going forward. That could include everything from financing, buying or selling a shopping center to constructing a new office or apartment building."

Already, many insurance brokers in major metropolitan areas are excluding terrorism coverage from future policies. MBA urges legislators to devise a program that would include a Federal reinsurance backstop and a cap on total losses for both the private and public sectors.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Capital Markets
Office
Washington, DC