Support for Bush TRIA remains a lasting legacy

 

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Copyright 2009 Crain CommunicationsAll rights reserved Business Insurance

2 February 2009

NEWS; Pg 6

648 words


Bush for TRIA remains a lasting legacy

Mark A. Hofmann



Presidential legacies are far from set in stone for decades or even centuries later, the owner hands the keys to 1600 Pennsylvania Ave. to his successor and heads home.

The reputation of some, like Dwight Eisenhower, have increased with the passage of time while others, such as Warren Harding, have declined to the point of extinction. George W. Bush left office in May, a few days ago with the approval of dismal public opinion, but nobody can say with certainty how it will be seen in 2059. As some of his supporters point out, also Harry Truman left the White House under a cloud of disapproval still less than 50 years has obtained the status of one of the greatest presidents.

While Mr. Bush global legacy remain unknown, the outline of his legacy with regard to risk management issues are already apparent. He pushed for tort reform with varying degrees of success, but, ironically, the biggest risk management to achieve later, it is a done its best to repudiate.

This has been the creation of the federal government to support terrorism insurance, an idea that emerged in the days following the terrorist attacks in New York, Washington and in the skies of Pennsylvania on 11 September 2001. Legitimate concerns over the confusion after the attacks that the construction does not go very far in all the potential targets of terrorism. Donors would not provide funding to projects that are not insured and the underwriters would not provide what they consider to be a risk uninsurable.

President Bush has emerged as chief promoter of insurance supporting terrorism in 2001, converted in 2002.

`` This is a bill that helps workers and helps to strengthen our economy,''said the president in a speech delivered on 8 April 2002. `` This is an important element of the legislation. I heard some talk on Capitol Hill, the facts do not justify such legislation, the facts do not justify the strengthening of the federal government as a stopgap. They are not looking for good set of facts, as far as I'm concerned.''

In taking the position he did, President Bush has had on some prominent members of his own party. But after a series of false starts and much of the bickering Congress, both houses adopted the Law on insurance of the risk of terrorism, which the President signed the law in November 2002, expressing TRIA stimulate growth and discourage abuse `` court''.

But the time has come to expand the program in 2005, the President of the attitude to the program established by TRIA has totally changed. Maybe he was looking at another set of facts. Rather than promoting the support as a means of stimulating economic activity, the administration sought to scale to encourage the creation of a market for private terrorism insurance. But the absence of some kind of support, no private market is likely to appear.

Despite the presidential heart, Congress has extended support in 2005 and renewed in 2007, this time for seven years. Although the administration has argued against the new extension of the support, except in the most basic way, President Bush signed the 2007 extension bill without ceremony.

This was too bad, the extension of the support was worth celebrating. The insurance program for the promotion of economic terrorism and national security objectives. As House Financial Services Committee Chairman Barney Frank, D-Mass., Noted more than once, to abandon development in certain metropolitan areas, for fear of terrorism against the terrorists a victory. The support has prevented such an assignment.

Historians will debate all of the legacy of Mr. Bush for years to come. But insurance support terrorism, Mr. Bush, despite the apparent volte-face on the issue must be considered one of the Bush administration is more important or if the gains are not members of the former administration chose to recognize it as such.

6 February 2009

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