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Federal Terrorism Bill Renewed, But We Still Need to Be Careful

At the worst possible time, it looked as though the federal backstop to terrorism insurance (TRIA) might not be renewed.  Since then, the renewal bill passed congress and was signed into law.

Avoiding Market Instability

Nonrenewal of TRIA would have dried up the private market for terrorism insurance.  Additionally, policyholders’ terrorism coverage may have been terminated due to sunset clauses.

Quality Still Required

Even with TRIA, the quality of terrorism coverage still needs to be monitored.  Terrorism coverage is broken down into “certified” and “non-certified”.  If you have “terrorism insurance”, you may have one or the other, or both.  It does make a big difference.  For example, the Boston Marathon bombing was never “certified”.  It is much more complex than your insurance proposal may indicate.

We will discuss TRIA, among other subjects, at the Risk Advisory Breakfast on Thursday, January 29.

Frank Licata

[email protected]

Jan 22, 2015

Licata Risk Licata Risk & Insurance Advisors, Inc.
137 South Street, Second Floor
Boston, MA 02111-2848
617-451-2140     [email protected]
LicataRisk Advisors is an independent risk management and insurance consulting firm. We are not brokers and we do not sell insurance. We are not connected to any insurance company or product in any way and do not receive commissions. This is an important difference as you will have an expert on your side who is only committed to you.