Survey Finds Many Owners Opt to Forego Terrorism Insurance Entirely

WASHINGTON, DC-The Building Owners and Managers Association International has released new findings from a national survey taken earlier this month that highlight the increasingly sour state of terrorism insurance availability. Culling results from a poll of organization members–including building owners, property managers, developers and leasing professionals–BOMA concludes the most troubling discovery is that 27% of the respondents are either self-insuring or going without insurance on some properties due to the unavailability of coverage.

The survey also found that 80% of those who managed to attain coverage saw premiums jump from a range of 20% to 200%. “This survey clearly confirms that insurance coverage for terrorism events is largely unavailable at any price, and the product that is available is faulty and does not meet the needs of building owners and managers,” says BOMA president Larry F. Soehren. Legislation calling for a federal backstop for terrorism insurance has passed both the US House and the Senate, but more than a year after the attacks the two congressional chambers have yet to come up with a singular bill to present for passage.