An insurance industry association is applauding the New York Assembly for adopting Resolution K611-2013, urging the New York State Congressional delegation to take action as soon as possible to extend the federal Terrorism Risk Insurance Act. Additionally, the New York …
President Barack Obama’s declaration that the Boston Marathon bombings were an act of terrorism could make it difficult for many affected businesses to be reimbursed for losses resulting from the explosions. Federal law enacted after the 9/11 terrorist attacks requires …
A consumer advocacy group says the property/casualty insurance industry has been getting a sweet deal worth about $7 billion as a result of the federal government’s program to help pay terrorism insurance claims after private insurance is exhausted. An industry …
The April 15 Boston bombings could have an impact on the efforts to renew the federal government’s terrorism insurance backstop. Some experts say the Boston Marathon tragedy could help the cause of supporters of the government program by reminding lawmakers …
There are a number of issues involved in determining whether the Boston bombings tragedy would be considered a terrorist act for insurance purposes such as determining the applicability of terrorism exclusions and terrorism coverage. The matter is not clear-cut and …
Renewal of the Terrorism and Risk Insurance Act (TRIA) was a much talked about topic at the annual Risk and Insurance Management Society conference on Tuesday, a four-day conference in Los Angeles, Calif., that includes panels focused on a variety …
The Terrorism Risk Insurance Act, which was initially enacted in 2002, and amended by the Terrorism Risk Insurance Revision and Extension Act of 2005 and the Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIPRA) (collectively, including both amendments, TRIA), …
Bipartisan legislation filed yesterday in the House of Representatives promises to renew the federal terrorism reinsurance program and the debate about whether the backup program is necessary. Introduced by Reps. Michael Grimm, R-N.Y., Carolyn Maloney, D-N.Y., and eight co-sponsors, the …
The federal backstop that is widely credited with establishing today’s robust terrorism insurance market may be gone in just 24 months. The consequences could be severe, from reduced availability of coverage to increased premiums. The impact would be particularly acute …
Catastrophe risk modeling firm AIR Worldwide (AIR) has updated its terrorism model for the United States to reflect less frequent and lower-severity attacks based on a reassessment of the threat by a team of terrorism experts. The model is used …
