The bills would increase the trigger level (size of qualifying event) for government involvement in terrorism insurance from $5 million to $50 million in 2006 and $100 million in 2007. The Administration was hoping for a trigger level of $500 million, BOMA says.
Both bills would include coverage for workers compensation, property and casualty, and general liability insurance. Insurer deductibles would increase under both bills as well. The House bill includes coverage for group life insurance, but the Senate bill does not.
BOMA says it expects to see action in the Senate this week, while the House could take up the bill after Thanksgiving.
