With the flood insurance-legislation rerun now in the rearview mirror, the companies which provide the goods and services that are an essential part of our everyday lives are doubling down on their effort to persuade Congress to reauthorize terrorism-risk legislation as soon as possible.
"There is growing anxiety amongst our members; they are hoping that this will get done soon," acknowledges Martin DePoy, spokesperson for the Coalition to Insure Against Terrorism (CIAT).
"The reality is that our members are hearing the word 'springing exclusions' too often as they work with insurers to renew expiring commercial property and casualty insurance policies," DePoy says. That is,language in new policies that gives insurers the right to exclude losses from terrorism events if the program is not renewed by Congress, or there are extensive changes made to the program.
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