The Professional Insurance Agents of Connecticut, New Hampshire, New Jersey and New York State Inc. is urging Congress to pass federal terrorism backstop legislation currently being debated in conference, echoing President Bush’s call for such passage earlier.
PIACT President James Pascarella, PIANH President Robert Jieczorek, PIANJ President David Madara, and PIANY President David Isenberg issued a statement emphasizing the urgency of finalizing a federal terrorism insurance measure after the president urged members to come to an agreement. Bush reportedly asked members to finalize the issue by Friday before lawmakers adjourn next week to focus on campaigns for the November elections.
“We don’t believe insurance is designed to cover terrorist events,” the associations stressed. “It is imperative the conferees reach a consensus on the tort issues that threaten to block this needed economic stimulus. In a program of limited duration, any tort provisions are of minor impact compared to the exposure that property owners currently have for unprotected loss.”
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