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GlobeSt.com UPDATE: Senate Passes Terrorism Bill

WASHINGTON, DC-The real estate, insurance and a bevy of other professionals praise the US Senate for passing the Terrorism Risk Insurance Act of 2002. Now the legislation goes to conference with the US House where differences between the two bills will be smoothed over.

By Barbra Murray | Updated on June 19, 2002

WASHINGTON, DC-Real estate and insurance industry professionals are cheering the US Senate’s passage of the Terrorism Risk Insurance Act of 2002 by an overwhelming vote of 84 to 14. Approval of the bill comes more than six months after the US House of Representatives passed its version of terrorism insurance legislation, the Terrorism Risk Protection Act.

The bill now goes to conference with the House, where the two congressional changes will have to hash out the differences between their bills. The Senate’s version requires the government to pay 90% of terrorism-related claims beyond $10 billion for a period of two years. The House version stipulates the same, but for a minimum one-year period. However, what is most likely to be a primary source of discussion in conference is the partisan stance on whether companies can be sued for punitive damages or not.

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