News Room

For Immediate Release - October 18, 2002

Contact:
Jay Hyde, NAREIT, at (202) 739-9425
Darren McKinney, NAM, at (202) 637-3093

CIA warning makes negotiators' success all the more significant

The following is a statement by Martin DePoy, a CIAT spokesperson and vice president of government relations at the National Association of Real Estate Investment Trusts:

"In an important breakthrough, we understand that Congressional and White House negotiators have essentially reached agreement on a terrorism insurance backstop. Over the coming days we are confident the agreement will be finalized. We thank the negotiators for their support of this legislation. We are confident that the bill will materially protect consumers of insurance products and victims of terrorist attacks, including business and property owners throughout America.

CIA Director George Tenet yesterday warned that al Qaeda "is planning to strike the homeland again" soon. This is a sobering message that makes the negotiators' success all the more significant. The insurance necessary to protect our economy against terrorism became largely unavailable after 9/11. The agreement in principle reached yesterday should help restore a functioning marketplace for a product fundamental to our economy.

The backstop will create new jobs and new investment in the midst of our war against terrorism. Our coalition appreciates all that has been done by our government to defend the nation, including their work on this essential agreement."

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Coalition to Insure Against Terrorism
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