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.”
Topics Catastrophe Natural Disasters
Was this article valuable?
Here are more articles you may enjoy.
State Farm Sued Over Policies Backed by Distressed Insurer PHL 
Dunkin’ Cashier in Georgia, Stabbed by Rapper, Can’t Claim More Than Workers’ Comp 
In Alabama, Shot Employee Gets No Workers’ Comp and No Employer’s Liability 
Florida Jury Returns $779M Verdict for Family of Security Guard Killed at Gambling Cafe 
