$100B Terrorism Insurance Deal Struck

WASHINGTON, DC-Congressional conferees reached an agreement late Thursday on a $100 billion dollar terrorism insurance package, just prior to some members running off to their respective regions for last minute campaign activity. Both the US House and Senate had passed respective versions of an insurance bill months ago, but partisan disagreements over punitive damage liability in civil lawsuits had been holding up the development of a single bill.

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.