"The uncertainty over terrorism insurance has already had a significant impact on the commercial real estate finance industry with an estimated $3.7 billion in commercial property deals killed so far this year, and another $4.5 billion either delayed or changed," Mortgage Bankers Association of America chairman James M. Murphy says in a statement. "With the economy in such a tenuous state, this just can't continue. The faster Congress acts to pass legislation, the faster the real estate industry can spur the economic recovery."

Both bills call for the government to pay 90% of terrorism-related claims beyond $10 billion but they differ with respect to the timeframe of the government's obligation. Partisan differences of opinion on whether companies can be sued for punitive damages was a point of contention when passing the bills individually and will likely come into play during conference, as well.