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Real Estate Leaders Tell Bush to Handle Insurance Issue

WASHINGTON, DC-Several major real estate related associations have sent a letter to the President asking his administration to address the new risks surrounding insurance on property that puts the industry in a tough position going forward because of the September 11 terrorist attacks and the current action in Afghanistan.

By Marlon Millner | Updated on September 04, 2002

WASHINGTON, DC-Several major real estate related associations have sent a letter to President George W. Bush asking his administration to address the issue of insurance coverage for terrorism, which has become a major challenge for both the insurance and the real estate industries since the September 11 terrorist attack on the Pentagon and New York’s World Trade Center Complex.

The letter says, “We understand that the administration and Congress are considering proposals to provide government participation in addressing insurance risks for terrorism and war. With many real estate businesses facing policy cancellations and modifications on or before January 1, the government must act now.”

The letter was signed by the following organizations: The Real Estate Roundtable, The Real Estate Board of New York, National Multi Housing Council, National Association of Real Estate Investment Trusts, National Apartment Association, Mortgage Bankers Association of America, International Council of Shopping Centers, Building Owners and Managers Association International, American Resort Development Association.

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