House moves to expand terrorism insurance program

[Flabbergasted]

http://www.latimes.com/news/nationworld/politics/la-na-insure20sep20,1,3144926.story?coll=la-news-politics-national

House moves to expand terrorism insurance program

A lopsided vote snubs a Bush veto threat. The measure would supplement private coverage in the event of an attack.

By Richard Simon, Los Angeles Times Staff Writer
September 20, 2007

WASHINGTON -- -- The House on Wednesday defied a White House veto threat and voted to expand a post-Sept. 11 terrorism insurance program. It is an issue that has sparked a rare clash between the president and his usual business allies.

The measure would enlarge the program, which provides a federal backstop to insurance companies in the event of future attacks. It also would extend the $100-billion program, set to expire at the end of this year, by 15 years.

The bill passed easily, 312 to 110. The Senate has yet to act on similar legislation, but some form of the measure is expected to clear Congress.

snip

Under its provisions, the government would step in when insured losses reach $50 million, down from the current $100 million. The Sept. 11, 2001, attacks caused an estimated $35 billion of insured losses. The program would remain capped in perpetuity at $100 billion.