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Association of American Railroads recently joined other U.S. trade associations and corporations to form Coalition to Insure Against Terrorism (CAIT) to win congressional passage of an affordable terrorism-insurance plan.
Coalition member firms, which believe the insurance industry has neither the capacity nor willingness to underwrite comprehensive terrorism coverage, are trying to bring change to prohibitively-high rates for terrorism-related coverage.
"The economic impact of further terrorist attacks on the businesses represented by coalition members is immeasurable," said Martin DePoy, National Association of Real Estate Investment Trusts vice president of government relations and coalition spokesperson, in a prepared statement. "Without insurance, it could be catastrophic."
CAIT members believe Congress could quickly adopt federal insurance legislation ensuring that comprehensive terror-related coverage is available and affordable.
Among 26 initial CAIT members are AAR, Associated General Contractors of America, Mortgage Bankers Association of America, National Association of Home Builders, National Association of Manufacturers, National Association of Realtors, National Football League, National Retail Federation and U.S. Chamber of Commerce.