While our industry owes sincere and earnest thanks to many of our colleagues as well as members of Congress who worked so diligently at the end of last year to extend the Terrorism Risk Insurance Act of 2002, time is already running short on finding a more permanent solution.
Although a revised version of the original federal legislation has been signed into law reauthorizing the program until the end of 2007, it is imperative that we all understand the Terrorism Risk Insurance Extension Act of 2005 provides only one clean renewal period during which terrorism coverage will be guaranteed.
The future outlook will be very bleak unless we begin to formulate the basis for a long-term solution with all due haste.
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