Monday, August 21, 2017
   
Insurance Sidebar :: Amy Stewart PC’s Law Blog on Insurance Coverage Issues Minimize

Category: Terrorism Insurance

Government-backed Terrorism Insurance is Available through 2020

Congress wasted no time approving the Terrorism Risk Reauthorization Act of 2015 (TRIA 2015), making it the first piece of legislation signed by President Obama in 2015. TRIA 2015 provides federal reinsurance backstop for losses resulting from terrorism. It was originally designed to stabilize the market for terrorism insurance after the distress caused to reinsurers by the catastrophic losses after 9/11.

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Red Alert on Terrorism Insurance

With insured losses reaching a record $23 billion as a result of the 9/11 attacks, businesses were unable to purchase insurance protection against future terrorist events. This left significant sectors of the economy vulnerable, including the real estate, transportation, construction, energy and utility industries. As a result, in 2002, Congress enacted the Terrorism Risk Insurance Act (“TRIA”) as government-backed reinsurance to insurance companies following a declared terrorism event. TRIA provides terrorism insurance accessibility to businesses by requiring business insurers to offer terrorism coverage for the types of claims experienced in the 9/11 attacks.

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Amy Stewart Law is a boutique law firm that represents policyholders in insurance coverage litigation and bad faith, with an emphasis in directors & officers liability, cyber insurance, fiduciary liability, professional liability and other specialty liability coverages.


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