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CNN Live Today

Plan Shields Insurers from Catastrophic Losses

Aired November 26, 2002 - 10:04   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


CAROL LIN, CNN ANCHOR: For the second day in a row, President Bush signed into law new counterterrorism measures. Today's legislation, signed last hour, protects the insurance industry from catastrophic losses.
CNN national correspondent Frank Buckley is at the White House with more -- Frank.

FRANK BUCKLEY, CNN NATIONAL CORRESPONDENT: Good morning, Carol.

The president says the effect of this bill will be to put more construction workers back on the job. The president just signing the bill a few moments ago in the East Room here at the White House.

Mr. Bush noting that commercial construction right now is at a six-year low. He says construction projects stalled after the September 11th attacks because insurance premiums either went up or weren't available at all.

(BEGIN VIDEO CLIP)

GEORGE W. BUSH, PRES. OF THE UNITED STATES: Across America, hospitals, and office buildings, and malls, and museums, and construction jobs and many transportation companies have had difficulty finding terrorism insurance. More than $15 billion in real estate transactions have been canceled or put on hold because owners and investors could not obtain the insurance protection they need. Commercial construction is at a six-year low. And thousands of hard hat workers have been kept off the job.

(END VIDEO CLIP)

BUCKLEY: Now the act does not cover 9/11 or losses less than $5 million, and the federal government caps are at $90 billion in the first year down to $85 in the third year -- Carol.

LIN: Thank you very much, Frank Buckley, live reporting at the White House.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com






Aired November 26, 2002 - 10:04   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL LIN, CNN ANCHOR: For the second day in a row, President Bush signed into law new counterterrorism measures. Today's legislation, signed last hour, protects the insurance industry from catastrophic losses.
CNN national correspondent Frank Buckley is at the White House with more -- Frank.

FRANK BUCKLEY, CNN NATIONAL CORRESPONDENT: Good morning, Carol.

The president says the effect of this bill will be to put more construction workers back on the job. The president just signing the bill a few moments ago in the East Room here at the White House.

Mr. Bush noting that commercial construction right now is at a six-year low. He says construction projects stalled after the September 11th attacks because insurance premiums either went up or weren't available at all.

(BEGIN VIDEO CLIP)

GEORGE W. BUSH, PRES. OF THE UNITED STATES: Across America, hospitals, and office buildings, and malls, and museums, and construction jobs and many transportation companies have had difficulty finding terrorism insurance. More than $15 billion in real estate transactions have been canceled or put on hold because owners and investors could not obtain the insurance protection they need. Commercial construction is at a six-year low. And thousands of hard hat workers have been kept off the job.

(END VIDEO CLIP)

BUCKLEY: Now the act does not cover 9/11 or losses less than $5 million, and the federal government caps are at $90 billion in the first year down to $85 in the third year -- Carol.

LIN: Thank you very much, Frank Buckley, live reporting at the White House.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com