Insurers, agents and risk managers were relieved to hear that terrorism coverage won't be impossible to find or afford for the next seven years, thanks to the vote in Congress last week to extend the federal government's reinsurance program, saying it will provide critical certainty to the commercial insurance market.
At the same time, smaller insurers were grateful for what Congress didn't do with its extension of the Terrorism Risk Insurance Act–that is, expand the program to cover nuclear, biological, chemical and radiological risks, as the original House version sought to do.
The Council of Insurance Agents and Brokers looked to assuage the bitterness of key House Democrats, who voiced anger during last week's floor debate on TRIA extension over the fact that the Senate's more restrictive bill–supported by President George W. Bush–was presented on a take-it-or-leave-it basis.
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