See How Your Politicians Voted
Title: Terrorism Insurance Bill
Vote Smart's Synopsis:
Vote to pass a bill that would provide compensation to insurance companies against losses incurred from future terrorist related attacks. These funds would be provided through a new Terrorism Insured Loss Shared Compensation Program headed by the Secretary of the Treasury.
Highlights:
- Requires the government to cover 80 percent of losses less than $10 billion, and 90 percent of losses from $10 billion to $100 billion through December 31, 2002.
- Allows the Secretary of the Treasury to have the option to extend the program through December 31, 2003 with the government responsible for 90 percent of claims from $15 billion to $100 billion.
- Claims exceeding $100 billion would be handled at the discretion of Congress.