Tags: Senate | Passes | Terrorism | Insurance | Bill

Senate Passes Terrorism Insurance Bill

Wednesday, 20 November 2002 12:00 AM

The bill has been a priority of the president, who has said it will help stimulate the economy and create thousands of jobs by freeing up construction projects that he argues have been unable to obtain insurance against terrorist acts.

Under the bill, which now goes to Bush for his signature, the government would pay 90 percent of the claims arising from a terrorist attack if the total losses are more than $10 billion.

For lesser damages, insurance companies would pay up to the equivalent of 7 percent of their premiums for damages with the government picking up the rest of the expenses.

By 2005, the insurers' share would rise to 15 percent of their premiums.

The bill was before Congress for a year and was been delayed mainly by a disagreement over whether terrorism victims should be able to sue property owners for punitive damages.

Conservative Republicans have argued that the bill does not sufficiently shield companies from individual lawsuits stemming from terrorist attacks.

Copyright 2002 by United Press International.

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The bill has been a priority of the president, who has said it will help stimulate the economy and create thousands of jobs by freeing up construction projects that he argues have been unable to obtain insurance against terrorist acts. Under the bill, which now goes to...
Senate,Passes,Terrorism,Insurance,Bill
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2002-00-20
Wednesday, 20 November 2002 12:00 AM
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