Congress Puts Us All At Risk
Will it really take another terrorist attack to break the political gridlock in Congress and get a federal terrorism reinsurance backstop in place? Unless the political dynamics change in a hurry, that could very well be the case.
The logjam is in the Senate, where tort reform disputes have tied up a bill to provide quota-share reinsurance. The Senate proposal is very different from the one passed by the House late last year, which establishes a loan program. Since insurers need reinsurance, not loan guarantees, to start writing terrorism coverage again, the House bill wont do the trick, but at least they are poised to negotiate a compromise on a final measure everyone can live with.
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