Get the Facts - 2002

• November 13, 2002: No action on terror insurance would be "unconscionable and inexplicable" In a letter to all Members of Congress, the 66-member Coalition to Insure Against Terrorism (CIAT) has written that "it would be absolutely unconscionable and inexplicable for the 107th Congress to ignore President Bush and complete its business without addressing this significant issue which is a fundamental part of America's national, homeland and economic security." Read the letter (PDF Document)

• November 12, 2002: Now Is the Time To Act "For more than a year, lawmakers have worked to craft legislation creating a short-term, federal backstop to stimulate the economy and create jobs," CIAT states in a new print ad. "Now is the time to act," the 65-member Coalition declares in the pages of today's CQ Daily Monitor and CongressDaily. See the ad (PDF Document)

• October 18, 2002: CIAT issues the following statement: CIA warning makes negotiators' success all the more significant

• October 11, 2002: In a letter to negotiators, the Coalition to Insure Against Terrorism (CIAT) has written that, "If Congress and the Administration fail to reach compromise on terrorism insurance legislation it will represent a complete abdication of responsibility, and a failure of leadership." Read the letter (PDF Document)

• September 25, 2002: CIAT Sends Letter to Chairmen Sarbanes and Oxley thanking them for their progress so far and urging the Congressional Conferees to complete their work on this critically important legislation on an expedited basis. Read the letter (PDF Document)

• September 19, 2002: Terror Insurance Drag on Real Estate Still Climbing. Over $15.5 billion worth of real estate projects in 17 states have been stalled or cancelled because of a continuing scarcity of terrorism insurance, according to the latest results of an ongoing member survey by The Real Estate Roundtable. The reported delays have occurred across the country, from large states such as New York and California, to smaller ones such as Alabama and Nevada. Read the press release

• September 19, 2002: Lack of Terrorism Insurance Puts Businesses and Economy at Risk, Treasury Secretary Tells Policyholders. The final passage of terrorism insurance legislation is critical to the U.S. economic recovery, Treasury Secretary Paul O'Neill told representatives of the Coalition to Insure Against Terrorism (CIAT) in a meeting Wednesday. Read the press release

• September 10, 2002: RIMS Survey Shows Obtaining Terror Insurance Is Difficult. The Risk and Insurance Management Society, Inc. (RIMS) issued a survey to its member companies in order to evaluate the terrorism insurance crisis. Of the 454 responses received, the results showed that coverage is very limited and hard to obtain, further demonstrating the need for a temporary federal terrorism insurance backstop. Read the press release | Read highlights from the survey (PDF)

• September 4, 2002: Survey Confirms Economic Toll of Terrorism Insurance Gap. Real estate transactions worth nearly $10.5 billion have been delayed or cancelled due to the ongoing lack of terrorism insurance coverage — jeopardizing thousands of jobs in construction, retail, tourism and other sectors, according to a survey conducted in August by The Real Estate Roundtable. Read the news release and take the survey

• The Mortgage Bankers Association of America (MBAA), a CIAT member, has found that the the lack of comprehensive and affordable terrorism insurance for commercial properties has killed an estimated $3.7 billion in deals so far this year, and has delayed or changed the pricing on another $4.5 billion. Read more about the survey.

• Economic Perspectives on Terrorism Insurance - Joint Economic Committee Report (PDF Document)

• Read the GAO's Testimony on Terrorism Insurance
  Rising uninsured exposure to attacks heightens potential economic vulnerabilities (PDF Document)

Coalition to Insure Against Terrorism
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