According to an Aon executive, approximately 60 percent of the broker's clients have purchased terrorism coverage in some form. Risks in tier-1 areas (central city centers considered high exposure risks, such as entertainment or financial centers) would have difficulty securing coverage. Conversely, those whose aggregate loss would be considered low should be able to purchase coverage either on a stand-alone basis or as part of the property insurance coverage.

Pressures are building among commercial property owners to purchase terrorism risk coverage, the executives noted. Corporate governance demands proper placement of the risk as awareness of the potential for a terror attack grows. Lenders also are pressuring borrowers to secure the coverage.

Lexington's Mr. Stratts said coverage will be available on a stand-alone basis among a handful of carriers, but insureds will have to rely upon the individual appetite for risk among these carriers.

He noted the only long-term solution is government involvement that would provide coverage for “extreme” losses.

“Absent a government mandate, insurers will not become involved in pooling risk,” said Mr. Stratts, noting some insurers would primarily be concerned that their individual exposure in such a pool would be more than they could handle.

He held out some hope that once insurance buyers understand the ramifications of TRIA's loss, they may pressure Congress to act in the future.

An Aon executive said the firm has its own idea for a plan that would be similar to Florida's wind storm pool. This plan provides property coverage for Florida property owners by insurers sharing in the overall risk through assessments. It also makes the federal government the insurer of last resort.

In the meantime, they suggested that clients begin preparations for a world without TRIA–by forming relationships with carriers and purchasing stand-alone coverage beyond 2007.