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What Business Owners Need to Know about Terrorism Risk Insurance

The Senate was praised by the Coalition to Insure Against Terrorism for approving an extension for seven years to the Terrorism Risk Insurance Act, which is also known as TRIA. Both houses worked hard to put a bill together quickly to send to the president's desk. A large majority voted to reauthorize TRIA. The act was implemented after the September 11, 2001 attacks to make sure insurance marketplaces could offer terrorism risk insurance. The program was reauthorized two times with support from both sides, and it was slated to expire at the end of the year without action being taken.

The strong support shown from both sides for the legislation did not fully highlight the importance of TRIA and the necessity to reauthorize. A spokesperson for CIAT said that representatives hoped the House would move as quickly as it possibly could to help present a final bill for the president to sign prior to the year's end. In addition to approving TRIA to be reauthorized through the year 2021, the bill from the Senate would provide continued protection of taxpayers' interests. It would also limit governmental exposure to just the most extreme of terrorist attacks. The act would also ensure terrorism risk insurance stays available in the marketplace.

The House of Representatives is considering its own proposal regarding reauthorizing TRIA. Experts said that the act gave much-needed stability to the economy after its implementation following the September 11, 2011 attacks. After paying upward of $30 billion toward claims after that event, primary insurers and reinsurers backed out of the marketplace for terrorism risk insurance. By doing this, they contributed to tens of thousands of people losing their jobs. Businesses were then allowed to buy affordable terrorism risk coverage, which protected the economy against catastrophic and unpredictable terrorism events and attacks.

CIAT works with many different businesses and various organizations in several different fields. Terrorist attacks can happen anywhere at any time. The nature of terrorists is to catch people by surprise, so they strike places that people would not expect at times they are not expecting attacks. The risks associated with catastrophic losses are great for all business owners. The aftermath of one attack is enough to put a company out of business, and injuries to workers or patrons are also an issue. To learn more about terrorism risk insurance or to review an existing policy, discuss concerns with an agent.

Thank you for visiting the Partners Insurance Agency blog. We hope you found our content helpful and informative.

 


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