RIMS Backs Terrorism Bill Exentension
According to an official with the The Risk & Insurance Management Society Inc. (RIMS), the organization supports legislation that extends the federal terrorism insurance backstop for 10 years. "We think the House has hit a home run with this legislation," said Terry Fleming, a director of New York-based RIMS and director-risk management for Montgomery County in Rockville, Md.
However, Mr. Fleming also said that RIMS is "somewhat concerned" about a provision in the Terrorism Risk Insurance Revision and Extension Act that would require insurers that participate in the program to make available coverage for nuclear, chemical, biological and radiological risks.
"We feel there is not enough capacity for conventional" terrorism risks, he said. "Lumping the NCBR make-available provision” in with existing mandatory make-available provisions could diminish capacity, he said. He said RIMS is waiting to see the carriers’reaction to the bill.
The current bill is sheduled to expire by December 31, 2007.
(RIMS) is a not-for-profit organization dedicated to advancing the practice of risk management, a professional discipline that protects physical, financial and human resources. Founded in 1950, RIMS represents nearly 4,000 industrial, service, nonprofit, charitable, and governmental entities. The Society serves 10,000 risk management professionals around the world.
Published on June 20, 2007
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