federal terrorism insurance News

Senator Criticizes ‘Unclean’ Terrorism Insurance Bill Passed by House

Democratic U.S. Senator Charles Schumer on Thursday called for the U.S. House of Representatives to extend a federal terrorism insurance program by passing a “clean” bill with no controversial extra provisions. The House on Wednesday overwhelmingly approved a bill that …

House Passes TRIA Renewal With Higher Government Trigger, Insurers’ Co-Pay

The U.S. House voted Dec. 10 to extend by six years a federal backstop for insurers offering coverage against terrorism, advancing efforts to retain a program created in response to the attacks of Sept. 11, 2001. House lawmakers passed the …

House Releases Terrorism Insurance Bill But Senate Uncertain

House leaders released a proposed six-year extension of a federal program to insure property against the risk of terrorism, including a Republican proposal to revise a bank regulatory law. The measure will be brought to the the House floor tomorrow, …

Congress Said Close to Deal to Renew Terrorism Insurance

Lawmakers are close to extending a federal program that covers a portion of corporations’ losses from acts of terrorism, according to three congressional aides. House Financial Services Committee Chairman Jeb Hensarling and Senator Charles Schumer are nearing a deal on …

House Committee Approves TRIA Renewal Bill with NARAB Amendment

The House Financial Services Committee today voted to report out a bill to extend the federal terrorism insurance program for another five years. The bill also contains some reforms of the Terrorism Risk Insurance Act (TRIA) and an insurance producer …

Senate Committee Advances Terrorism Insurance Renewal

The U.S. Senate Banking Committee approved a legislation that would extend for seven years the government’s financial backstop of terrorism insurance. The panel approved by a 22-0 vote a bipartisan bill that would raise commercial insurers’ co-payment to 20 percent …

Professional Sports Teams Looking for Terrorism Insurance Win in Congress

Renewal of a U.S. terrorism insurance plan is gaining momentum in Congress, thanks to some big-league backing from a coalition that includes professional football, baseball, basketball and hockey leagues. The sports associations, along with insurers, developers, banks and the U.S. …

Hiscox Increases U.S. Terrorism Insurance Capacity to $200 Million

Hiscox has increased capacity to $200 million for U.S. domiciled terrorism risks. The additional capacity addresses the increased demand for standalone terrorism coverage caused by the upcoming expiration of the U.S. government terrorism insurance backstop offered by the Terrorism Risk …

Brokers Urge Renewal of ‘Essential’ Federal Terrorism Insurance

The federal Terrorism Risk Insurance Act (TRIA) is a “model” for public-private cooperation and should be renewed, insurance broker Marsh told lawmakers on Capitol Hill. Peter J. Beshar, executive vice president and general counsel of Marsh & McLennan Companies, testified …