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Battle Ends Over Terrorism Insurance

Published Tuesday, January 01, 2008

The U.S. House and Senate spent the last month of 2007 trying to show each other who's the boss of terrorism risk insurance legislation. The Senate won with the passage of its version of legislation re-extending the Terrorism Risk Insurance Act of 2002. The legislation — which at press time was due to win President Bush's approval — spans seven years and covers both foreign and domestic terrorism risks. It doesn't, however, cover nuclear, biological, chemical, and radiological risks. The legislation directs the U.S. General Accounting Office to study those risks. “The potential unavailability of terrorism risk insurance ...

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