VIEWS: 13 PAGES: 3 CATEGORY: Business & Economics POSTED ON: 6/3/2010
Last year, agent associations and other industry groups were pressing Congress to extend the Terrorism Risk Insurance Act (TRIA), which provides a backstop of federal insurance for the heightened terrorism risk that has existed since Sep11, 2007. It has been nearly a year since the passage of the seven-year extension of the act, and agents appear to be selling no more coverage this year than last, despite the fact that the new law contains significant enhancements. The biggest change in the act is that both foreign and domestic acts of terrorism are covered. It may be tempting to become complacent now that the battle over the extension is resolved but, in fact, the real work should commence. Policyholders need to make sure that their facilities are secure, whether they have purchased terrorism coverage or not. Those companies that do not have coverage should reexamine their decision to opt out.
TERRORISM IS TERRORISM Thomas H Wetzel Rough Notes; Nov 2008; 151, 11; Docstoc pg. 28 Reproduced with permission of the copyr
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