INSURED, FOR NOW
Jul 1, 2004 12:00 PM
Mall owners whose insurance contracts expire this year can breathe easier. The Treasury Department has extended the deadline for obtaining insurance coverage for losses resulting from terrorist attacks by another year. Without that extension to the 2002 Terrorism Insurance Act, the continued financing and development of retail projects would be in limbo, according to the ICSC, which lobbied hard for the extra year.
Other parts of the Act, including a provision to provide federal funding to insurance companies for claims over a certain minimum, don't run out until the end of 2005. Insurance contracts expire on an annual basis.
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