TERRORISM INSURANCE
December 1st, 2002
BY PHILIP FINE
US President George W. Bush has signed a bill to shield insurance companies from having to foot the entire bill of large-scale terrorist activities in the USA. For the next three years, the Terrorism Insurance Act of 2002 will require the federal government to cover potential damages for up to US$90 billion (£57 billion) annually. The bill had been a top priority for the president since shortly after the September 11 attacks. He has argued that the inability of companies to obtain affordable insurance for large construction projects is costing ...
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