The Building Owners and Managers Association (BOMA) International, (Washington) recently celebrated a major victory when the U .S. Senate approved the long-awaited Terrorism Risk Insurance Act of2002 (S. 2600) by a decisive vote of 84-14. BOMA, along with other trade associations and the Coalition to Insure Against Terrorism, had been advocating for the legislation since last year, when it became immediately clear that the lack of insurance coverage was having serious “repercussions on the ability to insure, lease, build or sell property.”

The legislation seeks to provide at least a one-year federal backstop of up to $100 billion in funds after insurance companies incur losses of $10 billion.