Be Careful What You Wish For On Tort Reform

We wouldn't blame insurers for being hard put to suppress a grinwhen they heard about all the tort reforms loaded onto the federalterrorism reinsurance bill by the House of Representatives. Afterall, many of the provisions for controlling liability costs havebeen at the top of the industry's wish list for years.

This all might be a moot point by the time you read thiseditorial, because Congress is expected to act at any time on itsterrorism reinsurance initiative. However, when this editorial wentto press, Congress was still debating the issue, and given theproclivity of our D.C. lawmakers to wait until the 11th hour orbeyond to do what they must, we fear that the unnecessary inclusionof tort reforms might yet sink the entire bill. That would leaverisk managers at the mercy of insurers, who will have no choice butto exclude many terrorism exposures.

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