Bill Nelson: “I would like, while we have a lull on the farm bill, to take this opportunity to speak on a subject that is very near…”

“I would like, while we have a lull on the farm bill, to take this opportunity to speak on a subject that is very near and dear to my heart: What we are going to be doing as a nation to address the fact that, as a result of terrorist acts, there may be a lack of terrorism insurance on January 1. That is not only for commercial lines of insurance, which would be businesses such as shopping centers and office buildings, but it could also affect homeowners and automobile owners. Since September 11, businesses and consumers have suffered great economic losses, and we are reading about those repercussions every day. So I would like to address this very sensitive topic as we come into the closing days of this session. The insurance industry is now saying the clock is running out for those businesses that want terrorism insurance because 70 percent of reinsurance policies--that is, insurance on insurance, or, in industry terminology, reinsurance--70 percent of those reinsurance policies expire after December 31, and many insurance companies are threatening to cancel policies or to exclude terrorism coverage. We simply can't let that happen. Congress must act to make sure that insurance is available and affordable. It is the responsible thing to do.”