Thirteen percent said they were using an excess-market facility to cover terrorism risks, while 3 percent said they were setting up a self-insurance program.

Nineteen percent said they had made no change in their insurance coverage as a result of Sept. 11.

However, a whopping 42 percent said they were seeking "other" options. "They're kicking the tires on insurance products in the market," speculated John Ryan, senior vice president of RM Access, launched by Fidelity Investments to "focus exclusively on the large-account market," according to its promotional literature.

However, "a lot of risk managers are simply waiting for the federal government to act," he added during a presentation on his survey findings here at last week's Risk and Insurance Management Society's annual conference.

Seventy-six percent of those surveyed said the Feds "should be involved in terrorism insurance," while only 17 percent thought that was a bad idea. Seven percent said they had no opinion.

Congress is still considering legislation to bolster the private market for terrorism insurance. The bill being debated by the Senate would establish a federal quota-share reinsurance backstop, while the bill passed late last year by the House would give insurers loans to help pay off future terrorism claims.

Since Sept. 11, 93 percent of those surveyed said they had made one or more changes in their company's approach to risk management. For example:

? Sixty-eight percent said they increased emphasis on contingency plans.

? Sixty-five percent said they were requesting more analysis of exposures.

? Sixty-one percent reported "increased interest in the operational risk management program by senior management."

? Fifty-five percent reported "more loss control activities and emphasis."

? Twenty-nine percent said they were developing a disaster recovery plan. (It was not clear whether the other 71 percent already had such a plan in place, Mr. Ryan said.)

? Seven percent said they had made no changes in their approach since Sept. 11.

"Despite mounting challenges in terms of terrorism coverage, the hardening insurance market, growing e-risk exposures and the like, this is still an optimistic time to be a risk manager," said Mr. Ryan. "The spotlight is on risk management, and that's a good thing, because there's a recognition now of the value of what risk managers do. More attention is being paid and support being offered by senior management."