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Bush Joins Industry to Press Terrorism Insurance Law

WASHINGTON, DC-President Bush gets involved in the push for terrorism insurance legislation, meeting with real estate, labor and business officials to discuss the matter at the White House. While the House of Representatives passed its version of a terrorism insurance bill--including a federal backstop to cover insurers' liabilities beyond a certain amount in a claim--the Senate has yet to make progress on the matter.

By Barbra Murray | Updated on April 09, 2002

WASHINGTON, DC-The pursuit for terrorism insurance legislation got a boost late Monday afternoon as President George W. Bush joined real estate industry representatives and labor leaders at the White House to accentuate the pressing need for federal backing of terrorism insurance policies. Legislation is currently stalled in the Senate and the policies have skyrocketed in price or disappeared all together since the September 11 attacks, leaving businesses uninsured and thusly, decreasing construction and property development.

Among those meeting with the president were J. Willard Marriott, Jr. of Marriott International, James P. Hoffa, Jr. of the International Brotherhood of Teamsters, Edward Sullivan of the Construction Trades Department, AFL-CIO, and David Creamer formerly of GMAC Commercial Mortgage Corp.

“President Bush clearly sees that adequate insurance protection to cover losses stemming from terrorism is an integral part of our homeland security,” says the Coalition to Insure Against Terrorism spokesperson Martin DePoy. CIAT consists of real estate industry associations and trade organizations who joined together to press Congress on the terrorism insurance issue. “The President is right to call on the Senate to finish the work that he and the US House of Representatives have done to ensure that our country’s citizens have access to affordable, comprehensive terrorism insurance.”

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