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US Senate close to terror-risk insurance extension

Thursday, April 10, 2014
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— The U.S. Senate is close to extending an insurance program that New York Sen. Charles Schumer says is vital to the city's post-9/11 resurgence.

The Democrat introduced a bill Thursday that extends the government-backed terrorism-risk insurance program through 2021.

The program, created in 2002, gives private insurers billions of dollars in government backing to cover payouts in the event of another terror attack.

Schumer says without that backing insurers would not offer coverage for potential terror targets, such as tall buildings in major cities, stadiums, malls and airports.

The bill boosts the insurers' initial payout obligation to 20 percent from 15 percent and forces them to return up to $37.5 billion, instead of the current $27.5 million, to government backers.

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