Theft, fire and acts of terrorism: Insurance in a world of bombs

[dArKeR]

Elected officials, private insurers, builders and real estate companies are mounting a broad campaign to urge US Congress to extend a program that requires the federal government to cover insurance losses in a terrorist attack.

US President George W. Bush and Congress created the program almost three years ago, in an effort to restart billions of dollars in construction projects that had been put on hold because private insurers began excluding terrorism coverage from standard policies after the Sept. 11, 2001 attacks.

But the federal program is set to expire at the end of the year, creating uncertainty and even panic in the real estate and construction industries, particularly in New York City, with its history as a terror target, and in other areas considered vulnerable to attack, including Boston, Miami, Chicago, Los Angeles and Washington.

http://www.taipeitimes.com/News/editorials/archives/2005/07/13/2003263364

[Demeter]

1. Don't Get Me Started

For some paranoid, insane reason, our little cooperative housing complex in Ann Arbor was FORCED by the Feds to get "terrorist insurance", at an exhorbitant cost, considering the fact that not only is it unlikely that anyone would blow us up, it has never happened, either, anywhere in the country (if you don't count Waco; no wait, that's not a good comparison, is it?).

So, this is how we get to pay off the insurance companies for the hit they took on 9/11?