Bush calls attention to terrorism insurance problem

WASHINGTON -In perhaps his most explicit comments to date, President Bush has drawn attention to the need to provide some sort of federal structure through which more properties around the country can obtain terrorism insurance. “After September the 11th, it’s important for our fellow citizens to understand that many insurance companies stopped covering builders and real estate owners against the risk of terrorist attacks,” Bush said. “One of the effects of the attack of September the 11th, 2001, was a lot of folks couldn’t find insurance. Many of those who provide coverage provide only limited coverage at high rates, with too many restrictions to provide real security. “Congress’ inaction on terrorism is threatening our jobs. They can move, and need to, to help the economy,” Bush said. “Because, you see, one recent survey shows that more than $15 billion in real estate transactions have been terminated or put on hold because the lack of terrorism insurance – $15 billion of job-creating projects are not moving forward.” The President said that because of the delay “more than 300,000 jobs are on hold.”