Terrorism Insurance. This bill (S. 2600) would create a new federal program for assuming much of the recovery costs from future, catastrophic terrorist attacks. The federal program would cover "80 percent of that portion of the amount of aggregate insured losses that … exceeds the participating insurance company deductible required to be paid for those insured losses" up to $10 billion, and 90 percent of such losses between $10 billion and $100 billion. The program would terminate one year after the bill’s enactment, unless the treasury secretary decides to extend it for an additional year. The Senate passed the bill on June 18, 2002 by a vote of 84 to 14 (Roll Call 157).
We have assigned pluses to the nays.
