Senate activity on terrorism insurance legislation is becoming more vigorous following the Memorial Day recess. As insurance policies are coming up for renewal, Senators are hearing more from constituents and business lobbyists about the need for federal up support of terrorism insurance policies.
Recent developments included:
* In its continuing campaign on this issue, the American Hotel & Lodging Association last week sent a letter to the United States Senate urging a resolution to the urgent problem of terrorism insurance. AH&LA reiterated is warnings to Senators that the lodging industry is finding terrorism insurance increasingly costly, inadequate or unavailable. In addition to leaving the lodging industry exposed, the untenable situation is beginning to affect the industry’s standing in the financial markets and debt ratings.
* Late Friday, Senate Majority Whip Harry Reid (D-Nev.) introduced terrorism insurance legislation, S. 2600. Although the entire text of this bill is not yet available, we view this as a positive step forward by the Senate towards addressing this issue. Although a number of Senate proposals previously have been discussed, but this is the first major bill to be introduced.
* Also on Friday, President George Bush restated his call for the Senate to act quickly in passing terrorism insurance legislation. This echo’s the President’s April statement calling for Senate action at a White House event attended by AH&LA President and CEO Joe McInerney.
We urge you to call your Senators asking for swift passage of terrorism insurance legislation.
For more information, contact Kevin Maher, vice president of AH&LA Governmental Affairs, at (202) 289-3147 or by e-mail at [email protected]