The heinous killings that took place at a magazine publisher in Paris at the hands of suspected Yemeni terrorists and in the name of Allah should serve as as somber reminder to Congress that the threat of terrorism is unabated.
Terrorists are ever persistent, increasingly sophisticated and virtually unpredictable. Sadly, terrorism is a permanent variable in today’s world. Here at home, the Boston Marathon bombings highlight how just how much damage even two young men can do when armed with fanatical hatred and everyday household items.
Yet when it comes to terrorism insurance, some in Congress are acting as if its 1999.
Sept. 11, 2001 brought with it the realization that terrorism insurance will forevermore be a requirement for commercial construction and real estate. Yet, the unpredictability and almost unlimited potential cost of damage meant that no marketplace existed to provide the products. This of course shut down transactions and wreaked havoc on the economy.