New York City Mayor Mike Bloomberg cited the wisdom of insurance underwriters in Washington earlier this week when he crossed swords on Capitol Hill with those who believe that all terrorism exposures are created equal.
Mayor Bloomberg, testifying before the Senate Homeland Security Committee–now controlled by Democrats–griped that anti-terrorism funding was being “spread across the country like peanut butter,” according to a report in the Jan. 10 edition of “Newsday.” New York rightfully went ballistic last year when city officials learned that federal funds to help prevent terrorist attacks were being doled out like typical pork barrel projects, rather than being focused on the areas most likely to be hit.
“Al Qaida must be laughing all the way to their tents!” the mayor lamented.
Sen. Norm Coleman, a Republican from Minnesota, said just hold on there a minute! “There are a lot of areas of great risk, you know,” he lectured Mayor Bloomberg, going on to cite the Mall of America and the Xcel Energy Center as prime targets.
Tough-talkin', straight-shootin' Mike Bloomberg was having none of it.
“Call the insurance industry and say you want to buy insurance!” he countered. “And they'll tell you with their quotes just how much they think there's a risk.”
Take THAT! How DARE you argue with the pricing judgment of property insurance underwriters?!?
Way to go, Mike!
In all seriousness, obviously high-profile facilities such as the Mall of America are potential terrorist targets and deserve federal safety funding.
But Mayor Bloomberg's point was well taken. Uncle Sam should examine all applicants for federal terrorism prevention funds with the discerning eye of a property insurance underwriter. Invest the money where there is the greatest risk and this country will be a lot safer. Play politics by delivering the “pork” to constituents, and we're looking at another 9/11–or even worse if WMDs are involved.
Will Democrats be better risk managers than their macho Republican colleagues in Washington? They can't be worse.
If you recall, the Republicans campaigned on the bogus notion that they would protect you against terrorists more effectively than the peace-loving Dems…AFTER they ignored gaping security breaches at ports, power plants and chemical facilities, and had to be dragged kicking and screaming to create the Department of Homeland Security, implement the recommendations of the 9/11 Commission and renew the Terrorism Risk Insurance Act.
So far, the Democrats seem determined to address the most glaring terrorism exposures, including those facing The Big Apple. It's good politics, and it's excellent risk management.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
