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NEW YORK--The Risk & Insurance Management Society Inc. on Thursday said that it supports a long-term solution to ensure that commercial terrorism insurance coverage remains "comprehensive and affordable" beyond the planned expiration of the federal backstop program.
The current Terrorism Risk Insurance Act extension, which provides a federal backstop for terrorism coverage in the United States, is set to expire Dec. 31, 2007. Sen. Christopher Dodd, D-Conn., incoming chairman of the Senate Banking, Housing and Urban Affairs Committee, which has jurisdiction over TRIA, on Thursday reiterated his support for a permanent extension of the backstop.
Rather than endorse a particular plan or propose its own, the New York-based society issued a position statement setting out four principles that should underlie any plan that is adopted.
In its statement, RIMS said that any solution to the terrorism coverage issue should: include a private/public partnership; address the long-term availability and affordability of insurance coverage for chemical, nuclear, biological and radiological events caused by terrorism; include all commercial property, workers compensation and liability lines; and require commercial insurers to participate in the program and make coverage available for acts of terrorism.