WASHINGTON--Insurers, agents and policyholders voiced appreciation after Congress gave final approval yesterday to legislation providing a long-term extension of federal reinsurance coverage for catastrophic terrorism losses, saying it will provide needed certainty to the program.
At the same time, smaller insurers were grateful for what Congress didn't do: Extend the program to cover nuclear, biological, chemical and radiological risks.
The support of policyholders came despite the fact that under the new program they will be required to accelerate repayment of the money paid out by the government to cover a terrorist attack.
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