I didn’t want this blurb from Business Insurance getting lost in all my travel this week:
The House of Representatives Wednesday afternoon approved a bill that would extend the federal terrorism insurance backstop for 15 years.
The Terrorism Risk Insurance Revision and Extension Act—which passed by a vote of 312 to 110—would also add group life to the list of insurance lines covered by the backstop, which is slated to expire Dec. 31. The measure would also expand the program by allowing the backstop to respond to acts of both domestic and foreign-initiated terrorism and by requiring insurers to offer coverage for acts of nuclear, chemical, biological and radiological terrorism.
Not many folks believe that this cadillac bill will become law. The Senate hasn’t yet begun work on its version, and Bush has promised to veto any sane, longer-term reauthorization.