The precise details of the agreement have not been released, but the general outline of the deal calls for a three-year program in which the federal government would serve as a backstop for insurers, covering 90% of terror attack-related damages beyond the $10 billion point and up to $100 billion. Specifics are being kept under wraps, but media reports indicate there are remaining issues to be hashed out, such as whether insurance companies will ultimately be obliged to pay the money back to the government.

While a tentative accord has been reached on the legislation, all of the negotiators have yet to sign off on it. Once that hurdle is passed, the legislation must be passed by a majority of all House and Senate members. The hope is that such a passage will occur before the congressional session closes at year's end. Real estate, mortgage and insurance industry representatives are encouraged but the vagueness of what exactly the conferees signed off on yesterday leaves many still on pins and needles.

"They've made significant progress in the last week but we're still a few yards short of the goal line," Coalition to Insure Against Terrorism spokesman Jay Hyde tells GlobeSt.com. "We're encouraged that they've come this far but we want them to get their work done."