A Collaboration with the University of Pittsburgh

House set to debate terrorism insurance bill extension

[JURIST] A bill [PDF text] renewing the 2002 Terrorism Risk Insurance Act [text] will be debated in the US House of Representatives later this week, according to acting House Majority Leader Roy Blunt (R-MS) [official website]. The original law, passed after 9/11 and set to expire on December 31, 2005, required insurers to offer terrorism insurance but capped private insurance company liability at $5 million, with the government reimbursing any excess liability. The Senate version of the bill [PDF text], passed last month and supported by the White House, increases the cap to $50 million in 2006 and $100 million in 2007. Some insurers and homeowners would like to see the original bill extended in its current form, saying that it promotes construction and economic progress. Leaders expect the bill to be swiftly passed, as the House is operating under a suspension calendar this week, where bills require a two-thirds majority to pass and debate is limited to 40 minutes. Reuters has more.

About Paper Chase

Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible format.

© Copyright JURIST Legal News and Research Services, Inc., 2013.