WASHINGTON, DC — Building Owners and Managers Association (BOMA) International president Sherwood Johnston III met recently with President George W. Bush and other business leaders to discuss the federal government’s role in addressing the unavailability of terrorism insurance coverage, which has been virtually impossible to obtain since the Sept. 11 terrorist attacks.
“Every day, property owners are having serious problems buying terrorism insurance,” said Johnston. “Even in cases where it is available, it more often than not has a high deductible, a 30-day cancellation clause, caps on coverage, or an astronomically high price tag.”