by Lionel Bascom — March 4th, 2007 — 1 comment
One of the snags hiding just beneath the surface of reconstructing the World Trade Center surrounds whether or not the many projects going up at the site will be able to be insured.
A hearing last week was held to determine whether the federal government would extend its terrorism property insurance program. That program expires at the end of the year.
It is called the federal Terrorism Risk Insurance Act. It was enacted 14 months after the Sept. 11 attacks. It reimburses insurers up to $100 million if foreign terrorists attack again. The government is considering extending the insurance for 15 years. So, the government is in the insurance business, the real estate business, the public relation business, just to name a few ventures. They’re not good at any of this, so stay tuned.
11:05 PM in Uncategorized, World Trade Center, Related Stories, Freedom Tower News, America at War
Are there any corporate insurance agencies interested in taking on this project as their own? Is the government the only organization able to insure the new World Trade Center? Perhaps, this might be a reason for any reluctance of future tenants to rent this space. Perhaps, a perception exists that this World Trade Center replacement is one of too great a risk, and the government is the only agency willing to take that risk.
Maybe the government should just step back and allow this project grow, independent of a governmental presence.
Thank goodness the insurance act could expire at the end of this year, a good way to ‘cap off’ the season!
Jeanne · March 5th, 2007 at 4:27 pm