Terrorism Cover Up In Air While Congress Battles Over Backstop
With no federal terrorism backstop officially in place, terrorism coverage continues to be offered by very few companies at very high prices. That's not likely to change come renewal time unless Congress actually passes legislation to reinsure and reassure jittery carriers, industry leaders say.
Swiss Reinsurance, for one, has been excluding terrorism from its regular treaties. "We are writing a small amount of terrorism coverage on a sublimited basis, but it is modest in size, and it is, relatively speaking,expensive," said Jacques Dubois, chairman, president and chief executive officer of Swiss Re America in New York.
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